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S&P500 Resistance Trend Line Breakout vs. Potential FBO Against April High May 15, 2015
Yesterday I posted the chart on the potential breakout of the resistance trend line that led to the run to new high for the year.
Now that Emini S&P has tagged April high but failed to hold above that, a potential False Breakout on monthly scale is in place. Last false breakout on monthly was earlier this month against April low and that led to a very strong reaction as seen in the chart below (updated to mid day).
Closing below previous week high will signal serious trouble going into next week with the up channel support (highlight in green) being the first stop to the downside. Breaking the up channel points to the magic 2050 area that was tagged every month this year so far.
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