S&P 500 – The final combat zone
Observations:
1) Trend line from April 2020 till date is respected 4 times in the post corona rally. Present support point of the same is at 4514.
2) 50% Fibonacci retracement level of the last leg (from Oct 4 - Nov 22) is at 4511
3) Gann Fan line 4/1 is intersecting 50% level as at (2) above at 4511.
Conclusion
a) SPX has crucial support zone at 4495-4510 from where some relief rally can be expected. The last hope for Santa rally, if any.
b) If this zone is broken decisively, accelerated pace of downfall can be expected.
SPX
1) Trend line from April 2020 till date is respected 4 times in the post corona rally. Present support point of the same is at 4514.
2) 50% Fibonacci retracement level of the last leg (from Oct 4 - Nov 22) is at 4511
3) Gann Fan line 4/1 is intersecting 50% level as at (2) above at 4511.
Conclusion
a) SPX has crucial support zone at 4495-4510 from where some relief rally can be expected. The last hope for Santa rally, if any.
b) If this zone is broken decisively, accelerated pace of downfall can be expected.
SPX
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.