InTheMoney Stocks

Pure Technical Analysis: S&P 500 And Market Direction

BATS:SPY   SPDR S&P 500 ETF
509 0 0
I am going to keep it extremely simple. The last day of 2013 saw the S&P 500             hit a new all time high of 1,849.44.
The first day the stock market was open in 2014 saw the markets sell, with the S&P 500             hitting a low of 1,827.74.
That range became key to the markets and the future direction. Any close on the S&P 500             below 1,827.74 would be
viewed as bearish near term, while any close above 1,849.44 would be looked at as bullish near term.

Today, the S&P 500             is currently sitting below that key pivot low at 1,825.32. Watch the closing print today.
Should it close below, look for more selling in the next week. The first major support on the S&P 500             is 1,775.00.

Gareth Soloway
http://www.InTheMoneyStocks.com
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