Depicted on the Weekly chart below of the S&P 500 E-mini Futures Index (ES), are two External Fibonacci Retracements, a Fibonacci Extension, and a channel.
There are two upcoming levels of confluence representing major resistance:
- the first is between 2139 and 2155 (which could be hit any day now)
- the second is between 2213 and 2216 (which could be hit around July 20th if this extreme bull run continues in an aggressive, sustained momentum)
I’d watch for any aggressive drop below 2070 to signal a possible re-test of the bottom of the channel around the 1980 level, or even lower (I’d watch for general signs of weakness in the Dow Jones Composite Index — as noted in my post of June 20th — as confirmation)…otherwise, if price holds above 2070, we could very well see the second target resistance level hit by July 20th.