Shown on the following weekly chart of the S&P 500 Index (SPX) is a one-period moving average (hlc/3) in the form of a blue cross.
As such, each cross represents weekly support and resistance levels. I’ve chosen to highlight a zone/range taken from the moving average from the week of March 2 (resistance at 3003.54) to the week of April 6 (support at 2727.65). The midway level is 2865.
The Balance of Power (BOP) currently lies with the sellers on this weekly timeframe.(more…)