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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

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Thursday, March 29, 2018

S&P 500 Index: Support/Resistance Levels

Near-term resistance on the S&P 500 Index (SPX) sits at 2632.91 and support at 2585.68...formed by a one-day moving average (mid-point of candle high/low -- input source is hl2) of the February 8 & 9 candles, as shown on the daily chart below.

Longer-term +50% Andrew's Pitchfork channel support converges at this month's low of 2585.38, as shown on the monthly chart below.

So, short and long-term moving average and pitchfork channel support converges at 2585.

Look out below if price drops and holds below that level! And, a retest of the pitchfork median (broken pink line), currently around 2460, is long overdue.