S&P 500 Index Testing Important Fibonacci Breakout Level

The S&P 500 Index appears to be setting up for an important breakout “test”.

Stock market bulls are cheering for a breakout, while bears are looking for a pullback off resistance.

In today’s chart, we look at the S&P 500 Index on longer-term “weekly” basis.

As you can see, the S&P 500 has spent the majority of the past 20 years trading within a broad, rising price channel at each (1).

It is currently testing the top of this 20-year channel at (2). This area also happens to be the 261% Fibonacci price extension level. So this is an important resistance area.

Will the S&P 500 breakout? Or will bears turn prices lower? This is an important juncture for investors. Stay tuned!!

S&P 500 “weekly” Chart

s&p 500 index price resistance important fibonacci for october november year 2019

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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.

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