ChartArt

S&P 500 delays the bottom or crash decision one more time

FX:SPX500   S&P 500 Index
201 0 3
After the oil             news that OPEC members are said to be ready to cooperate on a cut, according to the UAE Energy Minister (1) the S&P 500             bounced of the lows of the very low intra-day             lows. This might lead to a larger (dead cat) bounce, if this oil             news has any substance - or not. Because the S&P 500             has been following the oil             price very closely in recent weeks.

On Monday the US market can react to how the re-opening of the Chinese market to this trading week has been going. Therefore I see Monday as more important than what happens this Friday.


Trading recommendation:

Sit on your hands if the bottom holds until Tuesday, then long.
Short if 1808.5, the low of today (Thursday) gets broken below.

(1) https://twitter.com/CNBCnow/status/697868890806820864
Comment: The S&P 500 broke Monday above the 0.618 fib resistance and was able to stay above this new support so far until the Tuesday close. Which is very bullish and thereby confirms the double bottom the index created last Thursday:

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