SPX ~ Five Year 1.618 R-Pivot @ 5111

From my last post on October 4, 2023 ~ “On the close today October 3, the SPX has now confirmed a quarterly downtrend, the DJI confirmed the QDT yesterday. Probabilities suggest the SPX should hold above the QSZ 4194/4151, and then resume higher into the YRZ 4714/4870. “ The SPX continued to test the QSZ into the later part of October and has been in a continuous monthly uptrend ever since.

The SPX is now nearing the upper range of the 2024 Yearly Pivot resistance zone 4952/5070 and the Five Year pivot resistance 1.618 Pivot at 5111. This is where I suspect the SPX gives some relief with a consolidation and monthly downtrend before the uptrend continues. The technical (pivot zone) characteristics coming out of the 2016 Bear and the beginning of 2017 are very similar.

The weekly chart below displays the Yearly and Five Year pivot zones. I have traded these same pivot patterns on the 15 minute charts for years before I stepped outside of the day traders box. Good Luck and Trade Safe.

SPX ~ Yearly Pivot Zones