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S&P Against Entrenched Resistance

 

SPXS, S&P Hitting Resistance

The S&P 500 is facing heavy, heavy resistance at its current level.

Released on Wednesday, March 13, 2019, 10:15 PM ET
by Email Russ UrbanContact SpeculatingStocks



Pittsburgh, PA (SpeculatingStocks) - The S&P 500 has failed to breakthrough resistance at the 2810 level five times since mid-October, 2018. In fact, the S&P 500 has challenged this level three times since mid-February if you include the current attempt to break through. It has failed every time so far.

The current attempt to break through resistance is coming following a brief correction, and overall a big run so far this year. It is anyone's guess right now if the S&P can break through 2810 convincingly, but if it doesn't the exchange could drop and test the 2600 - 2650 level.



The 2600 - 2650 level is a level that the S&P tested four times since mid-October and fell through once right around Christmas last year. The market overall has been waiting for direction, for a reason to move one way or the other.

The Direxion Daily S&P 500 Bear 3X (NYSE:SPXS) could come into play in a big way if resistance at the 2810 level is not broken through. SPXS ran from $23 to $38 on the move lower in the S&P during December.

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⇒ About the Author of this News Article:

Russ Urban has been following the stock market for over 18 years and holds a Bachelor's Degree in Finance. From a young age, he watched CNBC with a keen eye and became obsessed with the market and technology. Russ Urban has written hundreds of stock articles and stock picks through the years since he founded SpeculatingStocks.com, Inc. in 2006 and holds strong faith in the power of the markets and capitalism.

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