SPX near term Support Resistance Zones near Crucial Levels

Near term map of supports and resistance zones of interest.
Lot of lines, I know, but they are to help gauge the momentum.
Which zones react in what manner is the data to be gathered here.

Last week we bounced from a Major support and into Major resistance.
Bounce may have been mostly shorts taking profit, not necessarily buying.
Suspicion is justified, as Airlines/Cruises bounced but will be LAST to recover.

It is LIKELY that the bounce is done, and we continue moving downard.
It is POSSIBLE that we go a little higher before turning back downward.
It is PLAUSIBLE that correction is done, but rather unlikely in my option.

Regardless, now is a good time to watch your favorite stocks.
We should expect certain sectors to recover faster than others.
"Obvious" winners are tech related to remote work, for example.

This is a smaller view of the bigger picture posted here:

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Previous Analysis:
Jan 16 2019: Call for Top or Near Top
Jan 27 2019: Initial plot of Virus effect
Jan 29 2019: Virus effect a-b-c-plot
Feb 24 2019: Initial plot bigger Dip
Feb 25 2019: Dip update 1: Early Measures
Feb 26 2019: Dip update 2: Wave B targets
Feb 28 2019: Dip update 3: Friday Bounce
Mar 03 2019: Dip Update 4: Wave C warnig
Mar 11 2019: Dip update 5: Edge of Cliff

Previous Milestones Mapped:
Oct 11 2018: Top Warning
Nov 18 2018: Correction Mapped
May 07 2019: Top Warning
Jun 03 2019: Bottom Signal <= Must See

I also plot Forex and Crypto, see my TV Profile Page.

Kommentar:

Moment of Truth

Right up against Major resistance yet again.

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Zoom IN (34 min) and adding a Fib (blue) to the bounce

that blue 6.618 may have ended the bounce wave.

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Zoom IN (5 min) for a closer look at the ceiling

We see subsequent rejections from the blue 6.618 and Gold fib on main chart.
Such subsequent rejections usually mark the top.

Today is also Quarter End, so there will be random moves due to re-balancing.
Thus lets see how the day closes (4 hours left) and then look ahead to Wednesday Apr 1st.
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Kommentar:

Followup to last Pic above ^^

Few minutes after posting that pic above, we got a significant dip

Odds now strongly favor a further drop today.
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Kommentar:

Coming up on Support

those subsequent rejections up top caused the exact reaction we could have expected.

Now to see if we hit the support and if it holds
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Kommentar:

Ping

Decent bounce off the support with an EXACT reflection

Now to see if this cat is a Dead on or not.
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Kommentar:

Beautiful Fib Compliance but Likely to go Lower

Chart original tf (1 hr) and yellow area highlighting price action since posting

Beautiful reactions to the fibs, nice!

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Zoom IN (8 min) on the action since last update above, where we rejected.

That rejection was a new Impulse downard with Red Fib.
We see very nice Pings on each of the fibs.
So we have a new and dead-on confirmed fib.

Of note in above pic:
perfect bounce off red 3.618, precisely to the red 2.618!

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Zoom back OUT (1 hr) and with new fib in place

The important fibs are in darker red.
So the line up pretty close to existing zones.
I will now fine tune those zones to include the red fibs as a boundaries.

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SUMMARY:
- we painted a double top, and then a lower low on Hourly.
- That lower low was captured exactly the 3.618 of new Impulse.
- Now at a decision point, parked at the red 2.618 in Asia session.
- All in all leaning towards more down, maybe come NY session.
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Kommentar:

OOPS, that last pic above was the wrong paste.

Putting the new fib on original plot:

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Kommentar:

Weekly Open is very positive.

Been climbing all Sunday night and now a very clean Ping on last minor resistance

So the bounce looks good as the dip was bought precisely where it was supposed to.
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Kommentar:

Moment of Truth

Back to critical level at NY close on Tues

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Zoom IN (3 min) for a closer look at that golden fib

Trying to hold. It should hold until NY session Wed.
That's a KEY fib, needs to bounce it to the blue fib above at the least.

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