Glewis54

SPX Important Week Ahead

SPCFD:SPX   S&P 500 Index
One important indicator signaled SELL this week. Price broke below the Parabolic indicator signaling a stop and reverse strategy. Sometimes though this signal can mark a bottom, especially in a sideways market. Looking at the monthly signal, a long term sell signal would not hit until 2750, a good 15% below current prices.

While some might think that the downside momentum has started, I generally wait for a test of the high weekly close. I would expect price action to rally this week, perhaps rebounding off of the State of The Union speech or resolution to the Impeachment trial, or some other news of the day. A failure to break and hold above the previous weekly closing high of 3329 would in my book trigger a sell.

Likely target objectives is a 50% Fibonacci level retracement or the 40 week moving average, which in the past has provided support.
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