S&P 500 stuck in a trading range for another 8-months?

s&p 500 weekly chart

From Chris Kimble: Could the S&P remain stuck in a trading range for another 8-months? Possible as it could be repeating a prior trading range!

This chart applies Fibonacci extension levels to the 2007 highs and 2009 lows at each (1).

The S&P created a Trading Range for over 18-months, as it struggled to break above its 161% level at (2).

This year the S&P looks to be creating another Trading Range for the past 10-months,  just below its 261% extension level at (3). The S&P looks to be in a trading range with heavy resistance in play at the 261% level. This range could go on for a longer than many think.

What could end the trading range? If the lows of February are taken out to the downside, odds are high the trading range has ended and selling pressure will increase.

The SPDR S&P 500 ETF Trust (SPY) was trading at $265.71 per share on Monday afternoon, up $2.46 (+0.93%). Year-to-date, SPY has declined -0.03%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 152 ETFs in the Large Cap Blend ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.