Breakouts Turn Support on S&P 500 P&F Chart

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

The Point & Figure chart below, which is based on 10 points per box, shows the S&P 500 with successive upside breakouts in April, May and June. A key tenet of technical analysis is that broken resistance turns into support. The green support box, therefore, is based on these three breakouts and marks a significant support zone in the 1880-1900 area. Notice that the S&P 500 held the top of this zone with the July-August decline (red 8).


Click this image for a live chart

Arthur Hill
About The Author:

Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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