The chart below looks at the S&P 500 since the 1980’s.
The 1987 and 2009 Crash lows, were historically important and emotions were high at both of these dates.
CLICK ON CHART TO ENLARGE
The Power of the Pattern applied Fibonacci extension levels to the 1987 and 2009 crash lows. The 423% extension level comes into play around the 2,150 zone in the S&P 500.
At the same time the top of a 25-year rising channel also comes into play at the same price zone at (1) above.
Joe Friday Just The Facts– S&P 500 is testing dual long term resistance zones at the same time above. Until taken out, this would appear to be resistance. If enough buyers can push the S&P past these levels, it should attract buyers.
Haven’t seen this important of an emotional price zone in a long time!
