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Nervous about the 500 index?

By Chart School
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Courtesy of Chris Kimble

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Markets were up almost 1% yesterday, then retreated. Creating an upside wick in most major markets. This all took place at key fibonacci resistance in the 500 index.  One day a trend does not make, yet this type of action needs to be watched very closely!

Game Plan… Keeping the IWM position (owning small caps, due to relative strength), with a tight stop of 2%. Might harvest these gains today if market action looks negative, stay tuned.   Remain very open to attempting to score on defense at these levels, yet have not seen enough evidence to do so yet.   Watch for updates today and tomorrow for a potential to score on defense.

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