Two weeks ago, I shared some key S&P 500 trading pivots and highlighted why the bulls want to see 2120 hold. Well, that S&P 500 (INDEXSP:.INX) level has held so far…
And the story remains the same.
With a head and shoulders looking pattern taking place at the S&P 500 yearly trading pivots, the bulls want to see the market follow through higher this week and make new highs. If not, that 2120 level will become important again on the S&P 500.
The neckline (and key support) is at 2120. If this neckline breaks down the price target would become 1997.
So the question is: Will October bring traders tricks or treats?
Thanks for reading.
Twitter: @Pivotal_Pivots
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
