Could the S&P remain stuck in a trading range for another 8-months? Possible as it could be repeating a prior trading range!
This chart applies Fibonacci extension levels to the 2007 highs and 2009 lows at each (1).
The S&P created a Trading Range for over 18-months, as it struggled to break above its 161% level at (2).
This year the S&P looks to be creating another Trading Range for the past 10-months, just below its 261% extension level at (3). The S&P looks to be in a trading range with heavy resistance in play at the 261% level. This range could go on for a longer than many think.
What could end the trading range? If the lows of February are taken out to the downside, odds are high the trading range has ended and selling pressure will increase.
Related Posts:If everyone who reads our story, who likes it, helps fund it, our future would be much more secure. For as little as $10, you can support the IWB – and it only takes a minute. Thank you. 247 views