The following pivot point calculations and chart are provided to illustrate a variety of support and resistance levels/price targets on the monthly timeframe for the S&P 500 Index (SPX).
The calculations below are based on the high/low/close of January's candle for February's levels/price targets.
The following monthly chart of the SPX shows that price nearly hit R2 (3957), so far, this month.
There are only three trading days left; however, we might see a final push up to somewhere in between the 1.50% external Fibonacci level at 3994 and R3 at 4044.
However, a drop and hold below R1 at 3835 may see price drop to somewhere around the PP at 3749, or lower.
