Ape

SPX is Likely to Retest the Highs

INDEX:SPX   S&P 500 Index
259 2 4
As we close the year with the biggest sell off in the last two weeks, I do believe the market, as it has in the past, will retest the highs before we see any substantial pullback. The market tends to grind higher when it has hit new highs. I would wait before initiating any shorts here as it can be a lot of whiplash around the highs. If however the market does continue to sell off, I will be looking for buying opportunities in the 2030-2010 range. Happy New Year everyone.
YaKa PRO
2 years ago
I think it got us used to the behavior you are describing and since it has to change at some point, this time may be different.
If you are right, it has to rebound here: the 21d ema at 2053... Below this: a quick gap close at 2010... and if it has gone there it will be sufficiently ugly to go lower... Huge support in the zone 1990 though.. after this 1930 for a significant rebound to 2010 again?
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Ape YaKa
2 years ago
You're right, it could happen, but I don't see it as the most probable outcome at this time
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