With volatility skyrocketing lately, the S&P 500 lost most of its year to date gains. It has managed though to recover over the last few days. Currently the main trend is still bearish, though a new bullish trend has started to settle down a week ago. Fibonacci suggests that the benchmark would face resistance around 1970.9, a critical level that will lead to the persistence of the bullish market. However failing to break through it will throw it back to the bears.
The patterns suggest that the benchmark should break through the 1969.2 to reduce the probability of any eventual bearish market on the short run. In this case, the 1992 level will be a logical objective. Failing to do so will make the 1915 level more consistent.
The daily Pivot Point is around 1938.09, and its 3 days PP is around 1950.7. Its resistances are around 1959.67, 1970.48 and 1984.88. Its support levels are around 1927.28, 1914.67 and 1905.7.
Any opening below the daily PP will suggest a downtrend with 1927.28 as an objective.
I think that a failure in breaking the 1969.2 level will lead the benchmark back to the 1914 levels where it would face strong support.
The patterns suggest that the benchmark should break through the 1969.2 to reduce the probability of any eventual bearish market on the short run. In this case, the 1992 level will be a logical objective. Failing to do so will make the 1915 level more consistent.
The daily Pivot Point is around 1938.09, and its 3 days PP is around 1950.7. Its resistances are around 1959.67, 1970.48 and 1984.88. Its support levels are around 1927.28, 1914.67 and 1905.7.
Any opening below the daily PP will suggest a downtrend with 1927.28 as an objective.
I think that a failure in breaking the 1969.2 level will lead the benchmark back to the 1914 levels where it would face strong support.
