SPDR S&P 500 ETF TRUST

S&P 500 strong resistance, how high will it rise?

https://www.tradingview.com/x/iVD8FjTL/[/ S&P 500, daily and weekly chart, shows a probability of a rebound to pull back again. The wave on the weekly chart is right at a bearish crossover at 432, which indicates bearish pressure and very high resistance at this point. We see this same resistance in the daily chart in the 50 MA Moving Average (blue color) with a downward slope. Based on these two points, the greatest probability is that the S&P 500 will soon reach the 430 to 440 area to start a decline, a good short with a high probability of success once it gets there. A Christmas rally above 440 with these resistances becomes less likely. Conclusion the S&P 500 index could fall close to 418 to go up between the area of 430 to 440, to fall again. At that moment we will see a movement within a range, I will look there for the highest probability if you look again for the maximums or the 394

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.