S&P held trend line support at 1536 but below 1535 risks a move back to 1530/29. We could expect a floor here today but if we continue lower look for 1526 then better support at 1521/20 which could be a very good buying opportunity this week.
1543/45 could hold the topside again today but above here look for 1548 then 1551. We could see 1555/58 before the end of this month now after this week’s breakout which takes us back to Oct 2007 levels but the high of 2000 at 1574 & all time high of 1586 seen in October 2007 are our ultimate targets.
The S&P is looks to be gunning for that1550 level.
Probably the 1580 area.
It needs to seriously hold those levels, because if it fails there, then Houston we have a problem, because would this be a triple top?
Whats throwing me is the time frame, not sure if triple tops work over a long time frame like this, but maybe someone else would know.
This is a Monthly chart of the S&P going back to the mid 90s to present.
We're not far away from those levels at all, the problem lies in what happens if we don't break and hold them.