SPX Levels

Looking at the SPX weekly, it found some support last week in the 1420 area and got a little bounce on Friday. The chart is showing some potential secondary support in the 1390 area where it has both Fib and trendline support. Resistance on the weekly looks to be in the 1480 area.

SPX 5 Year / Weekly Chart:



The SPX is forming a Falling Wedge Pattern on the 60 Minute Chart which has a bullish bias. If the SPX is able to break out of the wedge to the upside, one might look for it to fist clear the 1450 area and head to the next fib level of 1468. It will likely resist at 1470.

SPX 60 Minute Chart: