Chart of the Day: SPX500

Blake Morrow Forex Analytix

SPX approaching key resistance

We have been targeting the 261% extension in the SPX for weeks in the S&P500. That target is quickly approaching, with the level now within 50 points of that level. Even though most of us traders use different instruments to trade the S&P, measure the 261% Fibonacci extension of the June 11th high to June 23rd low and you should come to the same conclusion. Daily RSI is divergent as price makes new highs which is a clue that we are nearing a tradable near term high in the market.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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