S&P 500 stuck in a trading range for another 8-months?

Sharing is Caring!

by Kimble Charting

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).

See also  WATCH: ‘Morning Joe’ Throws Hissy Fit After Another Trump Conspiracy Was Debunked

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.

See also  What Inflation? US Residential Rents Expected To Rise By 9.5% Over Next 12 Months (Cleveland Has Fastest Rent Growth??)

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.

 

438 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.