9/19/19 note: The 3019 bull level has proven stout resistance for $SPX over the past week or so. A month and a half and counting with no activations…The no activations narrative may be changing soon however for the following reasons:
- Time. We have a weekly time nexus coming up that is centered on the week of 9/30 with single targets on either side (9/23 and 10/7).
- The price action we have been seeing over the past two weeks has been closely following the daily trendline coming up from point 1: the 12/24 low, point 2: the 6/3 low 3. up through now-extend that trendline to the right. Price is now being squeezed between the uptrend line from the Dec/May-June lows, and the daily bull level at 3019. Something has to give and as of next week there will be no room left in that triangle like area for price left to squeeze into, something will have to give one way or another.
All this ^^ once again is a time/price nexus. We are seeing the trend line, the daily bull level and this weekly time nexus collide. Our waiting may be over soon!
**Caution**
Major Harmonic Resistance Level: 3044.44
Major Fibonacci Extension Level Resistance: 3047.34
Critical Monthly Support: 2635.10, 2465.41, 2418.59
Daily
$SPX Daily Bull Level
3019
$SPX Daily Bear Level
2836
Daily Reaction Risk Target Zone: N/A
Weekly Reaction Risk Target Zone: N/A
Monthly Reaction Risk Target Zone: Bear 2585-2611
*****This Blog is strictly for informational and educational purposes only and should not be relied upon for any reason.*****
