Green horizontal lines- Fibonacci extension targets
Following our last analysis on SPX from May 30th, we see price reaching our first Fibonacci extension target at 4,292. Price continues making higher highs and higher lows. Trend remains bullish as we mentioned in our previous SPX analysis as long as price holds above 4,105. SPX has clearly broken above the yellow rectangle resistance area as the RSI is also making new higher highs confirming the bullish momentum. Major support remains at the green support trend line. We expect this upward momentum to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Green upward sloping line- support trend line
Yellow rectangle- resistance area
Green horizontal lines- Fibonacci extension targets
Following our last analysis on SPX from May 30th, we see price reaching our first Fibonacci extension target at 4,292. Price continues making higher highs and higher lows. Trend remains bullish as we mentioned in our previous SPX analysis as long as price holds above 4,105. SPX has clearly broken above the yellow rectangle resistance area as the RSI is also making new higher highs confirming the bullish momentum. Major support remains at the green support trend line. We expect this upward momentum to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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