SPX ~ May Monthly Pivot Zones

The SPX confirmed a monthly downtrend on Friday, which is now three monthly trends from the January high, also reconfirming the quarterly downtrend. (See: July 1, 2010 & October 3, 2011) On this first trading day of May the SPX dropped down into the QSZ 4136/4053 and reversed closing higher. I’m going out on a limb here and say the correction is over and the SPX continues up to new all time highs…. If the QSZ fails, then look for the next level of support at the yearly support zone 3840/3704.

The May monthly pivot zones are on the chart below. The MSZ 4049/3993, is just below the QSZ, with resistance at the MP 4283. A break above the MP would take the SPX up into the YP 4413, QP 4488 and the MRZ 4518/4573. As always Good Luck and Trade Safe.

SPX ~ Pivot Zones