S&P 500 testing key resistance levels again today - here's how it looks

As I previously posted at my UBTNB3 blogspot this morning: VIX down, SPX up - and here, you can see those charts (below). The obvious is, either above 833/838, or not. If above, then I've got 880/884 in mind, although there is the obvious 860 inbetween that may be a level to keep an eye on too.


The 838 level relates to the Fibonacci .618 retrace point marked on my SPX chart, so a poke just above it can be followed by a reversal pattern on the smaller time frames (5-min, 15-min, 60-min). If that happens, then my setup would call for down. If it doesn't happen, then a continuation clearly can occur. Or if it happens, and then price reverses back up again, then continuation clearly can occur.


I've got lots of other things to focus on this morning so won't be too active commenting at least during the morning. Although quick notes, it does seem odd to have gold, and the dollar, and $XJY all down, and the euro (FXE) up - maybe a nice nod for the G-20 meetings in Europe - but no other comments to make on that until I feel I can sort it out. So, meantime, be careful out there, and happy trading!