Yesterday, we looked at the S&P 500's strength level. Today, we will look
at one of the S&P's resistance levels.
There are many ways to determine resistance levels. When you have multiple
resistance levels, there are always one or two very "significant" resistance
levels.
One of my favorite resistance levels to watch are long term, fan line resistances.
The reason is that they are often major break through levels. It is not untypical
for a stock or index to "gap up" over a fan line resistance level, or to have
a sharp jump the day it rises above it.
On today's chart, I drew 2007 to 2010 fan line for the S&P. The fan line's
resistance level for today is 1135. Because the fan line is down sloping, the
resistance level will decrease as time moves on.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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