Stock Support Holds

The combined  Point & Figure cluster and Fibonacci support  noted in the prior blog  has held. 

The S&P 500 (SPX) 15 – minute chart courtesy of Trading View illustrates  the move up.

The rally on 11/29/21 retraced  a  little more  than 50% of the decline from 11/22/21 to 11/26/21.  The  rally  could be an Elliott wave – Single  Zigzag  pattern.  This  type of formation is a correction of the primary trend.  If the SPX moves  below the supposed “b” wave low at  4625.26  it could open the door for at least a  move back to the 11/26/21 low. 

If the SPX rally continues it needs to overcome  first the .618 Fibonacci retracement level.  Above that is potential chart resistance.  If the SPX can move above chart resistance high at 4702.87  it implies  a move to at least the all-time high.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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