Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

The SP500 Really Has to Hold this Level

Courtesy of Corey at Afraid to Trade

The SP500 Really Has to Hold this Level

There’s an epic struggle (maybe not that intense) to hold the rising 20 day EMA on the S&P 500; the battle has already been lost on the NASDAQ.  Let’s take a very quick look at this level and what it might mean.

Just a quick, laser-focused intraday update to state that the 882.49 level ($88.41 in the SPY) MUST be held as support for the bulls for any hope of higher prices in the short term.  A failure here, particularly a close beneath this level should we get a push to new lows intraday, would be devastating and would set-up an almost certain test of the 50 day EMA just beneath 860.

One thing to note is that volume has been light on the retracement pullback which is slightly bullish, though volume has been steadily trailing off since it peaked in early March (a non-confirmation of bullish higher prices).

This is why intraday traders might have been confused as to why price seemed to hold a floor at the 882 level – it’s because the higher timeframe players are battling it out for supply/demand control of this level.  Intraday traders are best served by anticipating key levels like this on their intraday charts.

Watch this level very closely going into the weekend and beyond.

Corey Rosenbloom, CMT

 

Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!