SP500: Testing A Key Short-term Support

INDEX:INX   S&P 500 Index
211 5 4
Testing a pivotal short term support,the index was rejected at this support. While stocks above 20-days SMA are near 20 percent, hints we might be short term oversold. A bounce for a retest of the 50-days SMA and 1810-1815 broken-support turned resistance is likely. That is where I look to short for a longer term bearish wave.
My trading ideas channel

Get your gift :

Skype: Technician - The forex channel
Agree. Nice idea to consult S5TW for oversold conditions!
Agree.. Im calling for 1820. But also a word of caution, if the level gives way, we could bid goodbye to the correction and possibly a new high trapping all the bears. I think a safer play (atleast for me) is to look for a reversal pattern near 1820 and short from 1800. Just my two cents.
Technician TOP justatrader
taking 1820.00 could threaten the chances for a bigger correction, however for now i base my analysis on my overall bearish view for stocks.. Good luck and thanks for your input.
Where did you get the stocks above 20-day SMA index, is there also a 10 or 50? All your chart analyses are great btw, there always clean and concise. What do you think about SPXU or SQQQ when the index hits the 1810-1815 area and would you change your bearish outlook if it ends up closing over 1810-1815?
Thank u for ur input. I have a fundamental bearish view of markets, which make it hard for me to negate my bearish bias. However, would assess if we get there, i will look for participation of different sectors, also how tapering is affecting sentiment and economic conditions.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out