Price is now trading below a major level of support which was the previous all-time high from February this year
at $3393. This level has since been acting as .
As the markets are still open at the time of posting, we may see a shift in price by the end of the trading day.
If price does close below this level then we may see further weakness in the S&P . But if price closes above this level
then price may have established a and we may see a push back to the upside.
Closing (end of day) price is important to us because it gives us a lot more information and allows us to be objective
about our next steps in regards to looking at how to apply our strategy.
The S&P still remains in its 11-year and for us to confirm further bullishness, we need to see the all-time
high broken at $3588. Should this happen, then there will be a plethora of stocks to choose from.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.