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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...
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Monday, May 25, 2020

SPX Target: 3100 By May 29

* See UPDATES below...

My post of May 21 identified a pivot point resistance value/target (R1) of 3095.86 for the S&P 500 Index (SPX) for the month of May.

Its S&P 500 E-mini Futures Index counterpart (ES) has almost touched the 3000 level in Monday evening's trading session, as shown on the following daily chart.

There are four trading days left in May for the SPX to reach its R1 value, which coincides with the next technical resistance level of around 3100 for the ES (the median of an uptrending channel converging with overhead price resistance).

The Balance of Power lies with the buyers and Momentum is still on the rise, so I'd give it a 55% chance of making that target...we'll see what happens.

The last time I gave the SPX a 55% chance of moving higher, it was about 100 points lower on May 17, so I'll stick with that percentage for now.

* UPDATE May 30...

The SPX didn't quite reach its potential R1 target of 3095.86 for the month of May. Rather, it hit a high of 3068.88 by month's end and was just 24.57 points shy of that target, as shown on the following monthly chart.

However, in my post of May 17, I gave the SPX a 55% chance of moving higher, when its price was 2863.70. Since then, it gained 205.18 points in nine trading days into the end of May.

So, all in all, I'd have to say that the the bulls were a little more than 55% successful in moving this market higher, even though it didn't quite make its R1 target.

* UPDATE June 3...

The SPX finally reached my 3100 target today, albeit, three day's late, as shown on the following daily chart. In fact, it blew right through it to reach a high of 3131.40.

Its next support and resistance levels/targets are outlined in my post of May 30.

It looks like my crystal ball is in need of an upgrade. 😉