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On Monday 7/12 the SPX pushed up into weekly resistance and slightly above the QRZ at 4389 before dropping back into the MTFZ~R on Friday 7/16. The following Monday 7/19 proved to be a disaster, the markets crashed below 1929 Depression Era levels, plunging the world economies into Chaos! Yeah, not exactly! What really happened was the SPX dropped into and bounced at the Monthly Pivot on Monday, and by Friday 7/23 was back at new all time highs above the QRZ.
Something to take cautionary note of is the SPX has now completed 13 weekly trends from the March 4 monthly downtrend low. If my weekly trend theory holds, the SPX has a somewhat consistent 9 and 13 weekly trend pattern between monthly trends. Once this weekly uptrend ends, wherever that may be, then I would expect a monthly downtrend to occur, potentially back to the Quarterly Pivot 4198.
With the SPX breaking above the QRZ 4352/4389, the next resistance confluence of pivots is at the WTFZ~R 4444/4465, the monthly R 4477 and QR 4507. Support is now at the QRZ 4352/4389 and the MTFZ~R 4323/4339. Good Luck & Trade Safe.
SPX ~ Pivot Zones
SPX ~ Yearly Pivot Zones
The SPX continues to extend the monthly uptrend into the QRZ 4352/4389. The SPX began the short holiday week pushing into weekly resistance, then we saw the Wednesday overnight drop into weekly support on Thursday morning, only to be bought back up ending the week at new all time highs. Strong uptrend, with short term weekly support holding the line.
If the SPX continues the uptrend above the QRZ then look for the next resistance at monthly R 4477 and QR 4507. Any continued failure at the QRZ and a drop back below the MTFZ~R 4323/4339, look for support at the MP @ 4254 and the MTFZ~S @ 4185/4169. Good Luck & Trade Safe.
SPX ~ Pivot Zones
The SPX continues to work its way up to new all time highs above the yearly pivot resistance test/fail zone 4020/4205, with the next upside objective at the yearly resistance pivot 4804. While the next yearly R pivot is certainly achievable before the end of the year, the next monthly/quarterly pivot resistance zones will guide the price action going forward.
As the SPX pushes higher look for resistance at the MTFZ @ 4323/4339 and the QRZ @ 4352/4389. This confluence of resistance may slow the SPX down, and if so look for support at the MP @ 4254 and the MTFZ~S @ 4185/4169. Good Luck & Trade Safe.
SPX ~ Pivot Zones
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