ridethepig | SPX Market Commentary 2020.02.13

OANDA:SPX500USD   S&P 500 Index
It is obvious that we are trading extended levels in US Equities and to a lesser extent Europe too. The blockader above from Tokyo yesterday must come as a surprise as Europe were inclined to buy the dip. What is surprising is that the resistance assigned to the current range at 3380 is serving its function of the highest order. So it ought to seem quite normal to trade a simple pullback on risk, and to treat it with the same approach as with DOW and Gold (see diagrams below).

With that recognition behind us, the Fed has revealed itself which is hard to maintain and thus the markets will manoeuvre to test the limits out to be correct, this in spite of a possible impact since after smelling blood they can use it to their advantage.

On the other hand, the selloff would be weak and 3300 will be a tough nut to cack. I prefer to play a test of the Weekly open at +/- 3325 but have room to roll up should we manage to breakdown.

As usual thanks for keeping the support coming with likes, comments and etc!
Feb 14
Comment: Eyes here...
Feb 14
Comment: Eyes on 3370 unlocking a valentine's day gift...


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