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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

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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Sunday, June 21, 2020

SPX Targets

Further to my post of June 15, the SPX pushed above 3080.20 to reach a high of 3155.53 on Friday, as shown on the daily chart below.

I've shown two Fibonacci Extensions (one taken from the March low and the other taken from the June low), as well as an Andrew's Pitchfork (taken from the March low), and a Williams Alligator (formed by three moving averages, each offset into the future).

There are two areas of price confluence zones (targets) above the current price. The first is a minor confluence zone around the 3250 level (where two of the Fib Extension levels converge). The second is a major confluence zone around 3350 (where two of the Fib Extension levels converge with the bottom of the Andrew's Pitchfork channel).

The SPX closed on Friday just above the upper-most moving average of the Alligator. As well, all three moving averages are either curled upwards or in the process of doing so, hinting of higher prices ahead. I'd like to see the momentum indicator reverse its negative reading and push through and hold above the zero level to confirm any rally higher to either of these price targets in the short term. 

Otherwise, we may see the SPX retest its June low of 2965.66, or lower.