Two resistance zones on SPX's way to 3000
Can SPX reach 3000?
Last week, following NFP, the Index generated a bullish signal when it climbed back up above all MA lines and above the 2730-2750 resistance zone.
Now SPX is facing 2800 - A structure zone that will try to prevent the Index from climbing north.
Based on harmonic pattern we see that there's a potential Butterfly pattern with completion just below 3000
If SPX will continue its bullish momentum and climb above the 2 resistance zones that stand in its way (2800 and 2850-2880) the next stop will be 3000 and the PRZ of the Butterfly pattern
You can read more about this analysis and others in this weeks newsletter #WeeklyMarketsAnalysis
Have a great trading week
Last week, following NFP, the Index generated a bullish signal when it climbed back up above all MA lines and above the 2730-2750 resistance zone.
Now SPX is facing 2800 - A structure zone that will try to prevent the Index from climbing north.
Based on harmonic pattern we see that there's a potential Butterfly pattern with completion just below 3000
If SPX will continue its bullish momentum and climb above the 2 resistance zones that stand in its way (2800 and 2850-2880) the next stop will be 3000 and the PRZ of the Butterfly pattern
You can read more about this analysis and others in this weeks newsletter #WeeklyMarketsAnalysis
Have a great trading week