RationalTrader
Long

Further up - read why here

FX:SPX500   S&P 500 index of US listed shares
99 2 5
See the highlighted areas for reasoning;
(from the left on the chart)

  • We got strong resistance around fibo levels from the fall in aug15, and now jan16 around 1970.
  • we broke 200 SMA on daily chart last week witch also provides quite strong support.
  • We got high buying volume that pressed the price over the 0,618 level from the jan16 fall earlier this month, making this support of course even better.
  • Next resistance level is not before about daily high trend line around 2100.

Fear in the market is wearing off after the Asian collapse in late Dec15, anyway expect still some volatility as soon as something bad happens...stops wide, and I belive the fear is over for now and this market will reach back to at least to 2100, before maybe going sideways. Also fully possibly further up to 2300 due to low interest rate set by the FEDs now, and allover market is stabalizing, and all in all going better as was the original reason in 2015 for even talking about a hawkish reasoning by the FEDs.


See my latest live account results on Myfxbook:


RationalTrader
8 months ago
https://www.myfxbook.com/portfolio/sharpinvesting/1558823
Reply
pedroscott
8 months ago
You may be right Norhinvest- but long term technical analysis suggests we are not out of a downtrend yet and, fundamentally, there is a lot on the plate to digest before we could go to new highs. Imo were more likely to head south for now. If we take out 2082 then you may have something. Strong retracements in down trend are not at all unusual so I wouldn't bet the farm on new highs for SPX yet
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