Futures and options exchange CBOE Global Markets (CBOE) returned to the Green Favored Zone of the SIA S&P 500 Index Report yesterday for the first time since September of 2019 after spending much of 2020, 2021 and even some of 2022 mired in the red zone. Yesterday the shares jumped 25 places to 103rd position, and they are up 185 spots in the last month.
Back in April, a downward trend in CBOE Global Markets (CBOE) shares bottomed out as support emerged near $105.00, a previous breakout point. In the last two weeks, the shares have started to come under renewed accumulation, rallying up off of their 50-day moving average, and snapping a downtrend line. This week, the shares have regained $120.00, a key turning point which has acted as both support and resistance in the last two years, confirming the start of a new upswing.
Next potential resistance appears in the $130.00-$135.00 range near the shares late 2021 peak. Initial support has moved up toward the $115.00 breakout point.
A recent retreat in CBOE Global Markets (CBOE) shares recently bottomed out at a higher low after being contained above the $100.00 round number. Since then, CBOE has been bouncing back and has regained $120.00, while moving on to a bullish Low Pole Warning signal. A close above $123.65 would complete a bullish Double Top pattern and confirm that the underlying uptrend, which dates back to 2020, has resumed.
Next potential resistance appears at the previous peak near $133.80, then closer to the $140.00 round number. Initial support appears near $109.80 based on a 3-box reversal.
With a bullish SMAX score of 9 CBOE is exhibiting strength against the asset classes.
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