SPX ~ Weekend Update

The SPX continues to fail below the broken monthly support MTFZ~S @ 2940/2949, while testing support at the YR1 @ 2825. This 121 point range zigzagging inside the weekly pivot zones (see WPZ chart), will eventually break one way or the other. My thought as I’ve been expecting is a test of the quarterly support QS @ 2789, before the uptrend continues, with caution if it fails. The symmetry chart below also details a potential time and price support scenario on August 27, at SPX 2803. There is a significant confluence of pivot support around the QS as displayed on the SPX Pivot Zones chart. Good Luck & Trade Safe.

SPX ~ Pivot Zones

SPX ~ Symmetry

SPX ~ Weekly Pivot Zones (WPZ)

 

SPX ~ Weekend Update

The SPX remains in a primary uptrend although the monthly trend is down. I would expect a continuation of the uptrend as long as the SPX holds support at key yearly and quarterly pivot levels at YR1 @ 2825 and QS @ 2789. Short and medium term resistance is at the YR @ 2895 and MTFZ~S @ 2940/2949. A word of caution, any sustained drop below the QS @ 2789 or the June low of 2729 would be cause for concern.

For the time being I have eliminated the short term weekly pivot zones while I consider a change in format. Be assured I will continue my devotion to the Pivot Zones. Good Luck & Trade Safe.