S&P 500: At a make-or-break price level
The index is nearing resistance this week with "Nasdaq" and "Russell 2000" lower yesterday increasing the risk that the "S&P 500" follows lower today.
This is a neutral outlook. Based upon my previous chart the most likely path for the next days is a pullback. But until the open gap between 2741.47 to 2741.38 is filled the bulls continue to have strong target higher.
Open Gaps
Direction: up
May-10-2018
2701.27 to 2704.54
Direction: down
Mar-19-2018
2741.47 to 2741.38
Direction: down
Feb-02-2018
2812.7 to 2808.92
Direction: down
Jan-30-2018
2851.48 to 2837.75
The path taken so far has been the gray colored upmove fractal. If this repeats then the "S&P 500" could be lower during the next days.
This is a neutral outlook. Based upon my previous chart the most likely path for the next days is a pullback. But until the open gap between 2741.47 to 2741.38 is filled the bulls continue to have strong target higher.
Open Gaps
Direction: up
May-10-2018
2701.27 to 2704.54
Direction: down
Mar-19-2018
2741.47 to 2741.38
Direction: down
Feb-02-2018
2812.7 to 2808.92
Direction: down
Jan-30-2018
2851.48 to 2837.75
The path taken so far has been the gray colored upmove fractal. If this repeats then the "S&P 500" could be lower during the next days.
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