The last three summer have been pretty eventful. Flash Crash, US Debt ceiling crisis, and Europe Credit concerns througout. What we can gain from the following chart below is the relative strength that each price level on the S&P 500 has. Probably the most important level based on the number of touches is the 1,267.00 level it has 8 touches in the last year showing how important it is to investors and traders. Having this chart is like having a road map to find turning points in the market. We are approaching another turning point in the 1,350 level where we have been resistant the last year. Gaining 1,350 and creating support may create momentum to catapult the S&P 500 up further this year.
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Disclaimer: This article is intended to be informative and does
not constitute a buy, hold, or sell recommendation., and should
not be construed as personalized advice as it does not take
into account your specific situation or objectives
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