On June 19, 2017 the SPX came within less than 1 point from a long term Fibonacci coordinate I posted back in February 2017. Please
see my various posts referring to major resistance in the SPX 2450 to 2460 area.
Today 6/29/17 the NDX broke below very important support of the double bottom at 5633 and 5634.
Also today the SPX decisively broke below the lower trend line of a near perfect parallel trend channel. This implies the SPX trend is now down.
The SPX Elliott wave count from the 6/19/17 top appears to be a series of "ones" and "two" down- a very bearish pattern.
There are two Fibonacci resistance points at exactly 2428.30 and just above this is prior chart support.
If the SPX can reach this support zone on 6/30/17 or 7/3/17 it would be a gift for the bears!
Long US holiday week end begins 6/30/17. I suspect most big traders will be on vacation 6/30/17 - 7/4/17,
because of this there probably won't be big moves up or down until 7/5/17.
Get short if SPX reaches the resistance target zone.
Down side target zone is
SPX
2320-2330. Time target 7/19/17 - 7/23/17.
Mark
see my various posts referring to major resistance in the SPX 2450 to 2460 area.
Today 6/29/17 the NDX broke below very important support of the double bottom at 5633 and 5634.
Also today the SPX decisively broke below the lower trend line of a near perfect parallel trend channel. This implies the SPX trend is now down.
The SPX Elliott wave count from the 6/19/17 top appears to be a series of "ones" and "two" down- a very bearish pattern.
There are two Fibonacci resistance points at exactly 2428.30 and just above this is prior chart support.
If the SPX can reach this support zone on 6/30/17 or 7/3/17 it would be a gift for the bears!
Long US holiday week end begins 6/30/17. I suspect most big traders will be on vacation 6/30/17 - 7/4/17,
because of this there probably won't be big moves up or down until 7/5/17.
Get short if SPX reaches the resistance target zone.
Down side target zone is
SPX
2320-2330. Time target 7/19/17 - 7/23/17.
Mark
