Balancing act right now. A failure at this lofty level could inflict some pain to the down side. Play the long until it breaks, but be aware of the mounting risk. Bulls always climbs a wall of worry, and this is a big one.
Be careful in taking new long positions. Bulls had an incredible rally, but for me it's time to be cautious. I have mentioned this before and I maintain this position. Time for consolidation is overdue.
The break of this counter trend trade must bring us to the 200 ema in the next week, try to catch the blue zone for sell, but this counter trend line must be enough if the price dont go to 2800, lets see how this one play for a long term trade and minimum risk. Beautiful picture.
The way i see things (purely my opinion only), technically it makes sense to me why there has been a rejection late last week of the recent rise up.
You may be asking - what is in the way for resistance levels? Well,
- September low (red horizontal line)
- November high (red horizontal line)
- 50% Fib from recent low/high in the way
We all have different ways of analysis and reviews - and i know there is no one right method. Here is my first share and post.
This is my take on the week ahead for the SPX500 (week commencing 12 February 2019).
Interesting resistance levels to watch - as shown on my WEEKLY chart.
55 day MA in sight
61.8 fib from recent low high
Notes as part of my normal...