S&P 500 to break 3405-3415 to make a new HIGH? Otherwise BEARS
S&P 500 futures are the leading indicator of the market's health and where we could be headed. Currently we saw the market pop right off the support structure form the 100-day EMA where institutional buying started to come in again.
There are 2 key levels we are watching for currently. The first is at the 3220 or so where the 100-day moving average and the institutional money started to come in again. The next is at the 3405 to 3415 where we have prior rejection for resistance.
Price is currently pinned between these two levels and we're wary of how these levels will be interacted with. The bears could take control at the 3405 again as the big money is expecting. However, we could just see the strong pop above and that alone will probably push us into a new ATH.
Where we will see optimism into the election. The other option is to see if the 3400 level holds out as strong resistance for sellers to enter the market and push price lower to break the 100-day moving average as anticipated.
The downside is the higher probability scenario because of big money selling coming into the market from volatility and uncertainty. The fact that it is unknown when the President will be chosen means that VIX is likely to increase and that a lot of traders and investors are moving to cash. There is a lot of repositioning and it seems like a lot of volatility coming into the market throughout the next few months which means we're probably going to see downside back under 3200. Which means the target will be 3135.
These ideas are for educational purposes only, this should not be taken as investment advice.
There are 2 key levels we are watching for currently. The first is at the 3220 or so where the 100-day moving average and the institutional money started to come in again. The next is at the 3405 to 3415 where we have prior rejection for resistance.
Price is currently pinned between these two levels and we're wary of how these levels will be interacted with. The bears could take control at the 3405 again as the big money is expecting. However, we could just see the strong pop above and that alone will probably push us into a new ATH.
Where we will see optimism into the election. The other option is to see if the 3400 level holds out as strong resistance for sellers to enter the market and push price lower to break the 100-day moving average as anticipated.
The downside is the higher probability scenario because of big money selling coming into the market from volatility and uncertainty. The fact that it is unknown when the President will be chosen means that VIX is likely to increase and that a lot of traders and investors are moving to cash. There is a lot of repositioning and it seems like a lot of volatility coming into the market throughout the next few months which means we're probably going to see downside back under 3200. Which means the target will be 3135.
These ideas are for educational purposes only, this should not be taken as investment advice.
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