themarketzone

About to test 2000 again - Reached target 1

FX:SPX500   S&P 500 index of US listed shares
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
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week http://goo.gl/zLOH1w

To subscribe to the newsletters - http://goo.gl/HXjCPV
Follow my blog - http://goo.gl/78KZsl
Subscribe to my Youtube channel - https://goo.gl/q8dbyT



Comment: Reached Target level - Now 200 SMA line about to be tested
That didn't work out so well.....
Reply
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
Reply
thelab themarketzone
Sarcasm! Guess I shouldn't be so blunt next. Good call!
Reply
Excellent work man.
I'm long BABA, paying off, didn't want to long the market.
Cheers!
+1 Reply
I understand. There's great risk before FOMC. Utilities looking solid $XLU
Reply
IvanLabrie PRO 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.
Reply
Thanks. I have aggressive entries, I agree. Good think I know how to manage my risks
:)
+1 Reply
IvanLabrie PRO themarketzone
;)

Cheers!
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out