Bears Push Further into Support Zone

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.   

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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