Where do we go from here? The trend is up in the broad markets (above 200MA and Advance/Decline line is at all-time highs) and the S&P 500 is on the verge of a breaking through resistance at 1929. Why 1929? What would it mean if it did?
The above are edited excerpts from a post* by Chris Kimble (blog.kimblechartingsolutions.com) entitled S&P 500 within 1% of target price….Now where do we go from here?
The following article is presented by Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) and the FREE Market Intelligence Report newsletter and has been edited, abridged and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.
Kimble goes on to say in further edited excerpts:
Back in November I posted an article in which I proclaimed that the S&P 500 would face stiff resistance at the 1,929 price level because two price points meet at that level:
- support dating back to the 1987 & 2003 lows and
- a Fibonacci extension level based upon the 1974 & 2003 lows.
All of these price resistance points come together at one price zone, creating a central zone of resistance.
- If the index were to break through it would strongly suggest that the upward trend continues.
- If for some odd reason the trend changes on a dime up there, these price points would be more important than they might seem right now.
Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
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