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S&P Is Testing 28-Year Resistance And Key Fibonacci Level At The Same Time!

Courtesy of Chris Kimble

Is the S&P facing a 28-year breakout/resistance test as well as an important Fibonacci extension level at the same time? Looks like it!

The chart looks at the S&P 500 since the early 1990’s. It has spent the majority of the past 28-years inside of rising channel (1).

We applied Fibonacci extension levels to the 2007 highs and 2009 lows.

The S&P is now testing the top of this 28-year rising channel and its 261% extension level at the same time at (2).

Bulls would love = Breakout of the channel and the Fibonacci extension level at the same time

Bears would love = S&P to peak as it kisses the underside of the channel and the Fibonacci extension level!

This looks to be a very important price point for the bulls and bears!

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