9.2 C
New York
Thursday, March 28, 2024

S&P Facing A Historical Kiss of Resistance?

Courtesy of Chris Kimble

Is the S&P starting out a new month and quarter at a very important price point? This chart would say YES!

This chart looks at the S&P 500 on a weekly basis over the past 12-years, reflecting that it has spent the majority of the past 9-years “inside of this rising channel and above its 200-week moving average!”

The weakness in March saw the S&P break below the bottom of the channel and its 200-week ma line for the first time in 9-years.

The small counter-trend rally last week has the S&P starting out the month/quarter kissing the underside of the channel and MA line, which now come into play as resistance for the first time in nearly a decade.

Is the S&P facing a very important kiss of resistance at (1)? At this time it is!

To become a member of Kimble Charting Solutions, click here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,451FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x