Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

SP500 Fails at Confluence Fibonacci Resistance

Message from our TA expert friends: the rally of last week may be over for the time being, watch levels, stay defensive.

SP500 Fails at Confluence Fibonacci Resistance

Courtesy of Corey Rosenbloom at Afraid to Trade

Last week, the S&P 500 rallied into a Fibonacci Confluence zone which was met with resistance.  At present, this zone is proving to be a significant resistance zone which halted the recent strong rally.   Let’s see this confluence resistance zone on the daily chart.

The main take-away is the following:

Drawing off the significant recent March swing low to two recent highs (namely the January high and the November high), we arrive at the following confluence:

837 is the 50.0% retracement off the November highs
835 is the 61.8% retracement off the January highs

Both these levels converge to form a simple Fibonacci Confluence Price (resistance) at 836, which recently served as resistance.

As of Monday morning, price had also broken through a weak confluence zone about the 800 level.

This could be the birth of a retracement swing down which we’ll all need to watch closely as it develops.

Corey Rosenbloom
Afraid to Trade.com

 

Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!