2019-06-21 15:03:39 | On The Fly: Weekly technical notes for S&P 500For the week the S&P 500 (SPX) is set to close just below new lifetime highs set today. At the last price of 2955.48, the index is below the new high of 2964.15. At current price levels the index is in uncharted territory. As mentioned in the prior week note, there were potential bullish patterns in the index ready to trigger above 2900. Those patterns are now active. The larger pattern, a bullish inverted head and shoulders, has upside potential to the 3100 area. For the coming week, the smaller bullish flag at the 3000 area becomes the new upside objective. Support is at the 2925 area. For the breakout to be valid, bulls will want to see price quickly push away from prior resistance in the low 2950s. |
---|