S&P Halts At Last Year's Low
Is this the major support level that stops the S&P 500 from dropping further down?
If it is, the bull trend will eventually resume, but if not, we will likely see a bear trend.
Price is now at last year’s low at $3662, which is a strong level, but we will have to
wait and see if it is strong enough to stop the 23% decline from increasing.
Other previous significant levels of support have been broken, so we need to see a
confirmation of a bullish trend continuation before jumping into long positions.
The first thing we need to see on the daily timeframe is a pattern of higher highs and
higher lows. Next, we need to see price break above resistance levels on the lower timeframes.
Once our proprietary trend filter on the daily timeframe turns green, this will be our
queue to start looking for long opportunities but only in the strongest trending stocks
forming linear trends. Until then, we will continue to see how the market plays out.
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As always, keep it simple, keep it Sublime.
If it is, the bull trend will eventually resume, but if not, we will likely see a bear trend.
Price is now at last year’s low at $3662, which is a strong level, but we will have to
wait and see if it is strong enough to stop the 23% decline from increasing.
Other previous significant levels of support have been broken, so we need to see a
confirmation of a bullish trend continuation before jumping into long positions.
The first thing we need to see on the daily timeframe is a pattern of higher highs and
higher lows. Next, we need to see price break above resistance levels on the lower timeframes.
Once our proprietary trend filter on the daily timeframe turns green, this will be our
queue to start looking for long opportunities but only in the strongest trending stocks
forming linear trends. Until then, we will continue to see how the market plays out.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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