Adam Hewison released another timely update video this morning entitled “Is the S&P 500 Getting Ready to Skyrocket… or Collapse” which makes a similar conclusion to what I’m finding in my charting regarding the recent tight trading range forming underneath the key 50% “Bear Market” Fibonacci level.

(Clicking the chart opens the video)

The video is 5-min in length and Adam takes a look at the daily chart (shown above), zooms in, and then shows the upper shadow candles forming at the resistance zone on the weekly frame.

It’s very interesting right now, and it reflects a key turning point in markets, which I can simplify by saying:

“If we break above 1,121, odds favor sharp range expansion to the upside, perhaps to 1,227 though as most people expect, price could also turn sharply lower from this level and then retest the 1,020 level or lower.”