S&P 500 are sitting at a make-it or break-it level currently. I’m watching this closely as we will be able to determine if the short-term down trend continues into something bigger or if we return to an up-trend.
The key levels im watching are the following retracement fibs: 4505.5, 4513.75, and the point of control at 4525.75. We are currently at the 2nd point of control and I see institutional longs accumulating, which is why I consider this a very important level. We need to break past the down trend and clear the .382 fib level. If we fail to clear any of those levels we can assume the down-trend will continue. IF these levels are breached, I would expect parabolic moves to the upside with long continuation and vise versa if they fail to clear the retracement levels. I entered long positions at the 4480 level, laddering my exits at the retracement levels. Watch these levels closely as they can provide good entries and a broader overview to follow the trend.
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.