Long term tops are rarely abrupt. They typically take some time to build and consequently form a somewhat rounded pattern. The gray line above is a fibonacci arc which may provide a roadmap for the next couple of weeks.
Likely support levels are identified in red. The immediate minor support level has already been breached in today's trading.
The gray dashed line on top is a long term resistance level seen in the following monthly view:
The S&P has already come within about ten points of this long term resistance line. I think this level will be tested a few times as the top is established.
No comments:
Post a Comment