The SPX is battling to overtake the 62% Fibonacci retracement at 2714-ish. This represents a 62% retracement of the crash from 2941 down to 2350. The 100-day MA is at 2702. Thus, the bulls need to push the SPX above 2702-2714 to prove they have the juice to take the stock market higher. Bears want price to close under 2702 and lower to create market mayhem. The SPX is at the psychological 2700 level. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added 4:51 PM EST: The SPX ends the week at 2708 above the 100-day MA so bulls cheer, but below the 62% Fib so the bears cheer. On Monday, bulls will win above 2714 while bears will win below 2702.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.