Bollinger Bands and Renko Chart Indicate Resistance

What Happened

S&P 500 Futures continued its upward correction from the recent high of 3959.  From the all time high of 3959 to the recent low of 3720, 3868 is where the Fibonacci 0.618 level is. 

The chart below is the SP 500 Hourly Futures chart. 

In the following Hourly Renko Chart, we can clearly see the resistance between 3858 and 3882.

What’s Next

  • Consolidation should occur very soon.
  • If 3882 cannot be broken right away, some pullback is expected.
  • 3820 should be the first pullback support level.
  • If 3820 does not hold, 3780 and 3800 should provide some decent support.
  • The overall market sentiment is very bullish. FED continued to be very dovish and keep the interest rate low. It is not convincing the market top has been formed; therefore, the market should head higher in the near future..

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