Stock Markets Analysis and Opinion
Chart of the Day: S&P 500 in a Battle With Key Resistance
2023.09.15 04:27
The (SPX) is at a key resistance level. It is the 78% Fibonacci retracement of the September range, triangle resistance (descending trend line), and also completing an AB=CD equal leg move since September 7th.
Intraday RSI has just reached overbought, so it will be interesting if we get a pivot/reversal of a continuation from these levels. A breakout would suggest a move to the 4572 level next. A reversal lower would send the index back to the 4480 level.
