For the last couple of trading days I’ve been keeping a close eye on the 1,964 price level in the S&P 500 index.
When I was on Michael Yorba’s radio show last week, I had used my astrological studies and harmonics work to identify two potential areas of resistance for stock market trading in the S&P – at 1,964 and at 2,009.
On Friday and Monday the 1,964 resistance zone held firm, with the index trading as high as 1,963 and change both days– but no higher.
Today, however, the intraday action in the S&P has already moved above the 1,964 level. As I’m writing this the index stands at 1,966.08; earlier today it moved a little bit above 1,968.
Does this mean that the 1,964 resistance level has been broken?
Possibly, but I won’t consider it a sure thing until after the closing bell for trading today.
If the S&P closes the session today above the 1,964 mark, I’ll consider it to be a signal that the resistance is no longer holding.
If that happens, I’ll be looking for another close above 1,964 in tomorrow’s trading to confirm the breakout. If that takes place, we’ll be watching for resistance at 2,009 next.
But my back-testing and astrological studies still seem pretty clear at this point that there’s considerable bearish pressure right now, so I’m anticipating a price pull-back before the end of the day.
If we get a pull-back, and if the S&P closes today at 1,964 or below, it will give us strong confirmation that our astrological was correct, and we’ll be looking for a further move to the downside before the end of the week in our stock market trading, with the possibility of a rebound during the final trading sessions on Thursday or Friday.
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