Strong resistance if we go as high as 279. I don't think we will get that far past the 200EMA though. Either way it looks like a head and shoulders setting up.
On the monthly candle we have a consolidation forming which if it broke out would indicate a 20.26% Drop by august.
The red trend line is a similar pattern I called in November. I never posted it here cause I posted it for subscribers on Patreon but I did post the same drop in SPX on here on Nov 30th.
This breakout wouldn't be for at least a month, we could see a breakout in March but the price would have to close below 270.47 at the end of the month and remain below that level for all of March.
On the monthly candle we have a consolidation forming which if it broke out would indicate a 20.26% Drop by august.
The red trend line is a similar pattern I called in November. I never posted it here cause I posted it for subscribers on Patreon but I did post the same drop in SPX on here on Nov 30th.
This breakout wouldn't be for at least a month, we could see a breakout in March but the price would have to close below 270.47 at the end of the month and remain below that level for all of March.