About to test 2000 again - Reached target 1

FX:SPX500   S&P 500 Index
Oil             prices (see analysis below) drove $SPX             down towards the 2000 support zone , pulling it down to meet Target 1 of the bearish Gartley mentioned here over the last couple of months
The warning signal appeared on Thursday when $SPX             tried to rally back up above the 200 and 50 SMA lines and failed (see red arrow). The result of this failure was felt on Friday's sell off with 2% decline in $SPX             that brought it to the 38.2% Fib level (target 1) and just 10 points above the 2000 support zone .

The key zone here, as mentioned, is 2000-2010. If it'll hold as support, we can see $SPX             rallying again towards 2040-2060 and its 200 days Moving Average.
If it'll break, next support zone is near 1950, and that's the potential target zone for the bearish breakdown scenario.

Tomer, The MarketZone
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Comment: Reached Target level - Now 200 SMA line about to be tested
That didn't work out so well.....
That worked out great.. why not? Since entry, price rallied to resistance zone and folded to reach secondary target zone. Not sure what you mean
thelab themarketzone
Sarcasm! Guess I shouldn't be so blunt next. Good call!
Excellent work man.
I'm long BABA, paying off, didn't want to long the market.
+1 Reply
I understand. There's great risk before FOMC. Utilities looking solid $XLU
IvanLabrie themarketzone
Yes, for sure.
I had some shorts and booked but was in DJIA.
Now, I think the long's super safe bet.
Well done, you're a very aggressive trader but usually spot on.
Thanks. I have aggressive entries, I agree. Good think I know how to manage my risks
+1 Reply
IvanLabrie themarketzone

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