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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.

joe-friday-spx-testing-resistance-off-1987-and-2009-lows-sept-9

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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!