SPX – Approaching Supply Zone (Resistance)

Click here to view chart.
The S&P 500 index has been in an uptrend, but approaching a supply zone (resistance) around the 1390-1440 area.   The level also confluences with the 78.6% FibR of AB.
Will be looking for shorting opportunities in the upcoming week(s).

Note: There is another supply zone around the 1480-1520 level – 88.6% FibR of AB in case price clears the 1440 level..

This entry was posted in Fibonacci, Indices, Misc. Setups, SPX, SPY, Support (Demand) - Resistance (Supply). Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s