The blog “S&P 500 Reaches Support Zone – 02-11-22” illustrated that the Trading View index SPX500 had bottomed at the upper boundary of a nine-column row on the 30- minute Point & Figure chart.
The 30- minute Point & Figure chart courtesy of Trading View updates the progress of SPX500.
Today 02/14/22 the SPX500 pushed below the first line of support and bottomed in the middle of a larger support cluster. If within the next few trading days, the SPX500 can push below the final line of support at 4311, it could open the door for a move below the 01/24/22 bottom.
The one – minute SPX500 – Point & Figure chart hints at potential bullish action on 02/15/22.
The sharp decline during the main trading session held above the bottom made after the main hours session. The subsequent rally pushed above a .618 retrace of the sharp decline. This opens the door for a move on the double top at SPX500 – 4425. The double top held at a 13 – column row of resistance. Above the 13 – column zone cluster resistance diminishes.
If SPX500 can punch above the double top it opens the door for a powerful rally to at least the 4500 area.