Wednesday, 4 November 2015

S&P 500 in parallel trend line resistance zone

Daily chart shows the S&P 500 all sessions trading toward the top of a parallel trend line resistance zone.

Zoomed out daily chart shows this parallel lines over a longer period. Slight re-draw of channel & lines shown in the past. This time I started with the top line of the channel, joining the late 2014 and early 2015 peaks. Previously I had started with the lower line, and had joined the 2009 and 2011 lows. It feels like the S&P 500 will probably continue to ignore any potential resistance no matter what I draw!