SPX pulling back for an all time high. Target 3250+
The S&P500 has had high after high over the past few weeks after breaking out of the 3025-3030 all-time high. The index has moved nearly 4% off the new highs. From here we've seen the beginning of the first red week or reversal in 6 weeks of straight gains. It's healthy for the market to pull back slightly before breaking higher. No one wants to buy a top and that is why the volume died out near the top, which caused a sell-off. There is big money waiting below for another rally.
Low-interest rates allow cheaper borrowing, stock buybacks helped assets rally and the new Quantitative Easing 4 from the Fed will all help the market continue to chug along for the next few months. However, before that we can expect a retrace.
The Fib level extension is based on the impulse that brought the price to a new high. We expect the broken all-time high at 3030 or so to hold support before we get a new all-time move into 3250.
Low-interest rates allow cheaper borrowing, stock buybacks helped assets rally and the new Quantitative Easing 4 from the Fed will all help the market continue to chug along for the next few months. However, before that we can expect a retrace.
The Fib level extension is based on the impulse that brought the price to a new high. We expect the broken all-time high at 3030 or so to hold support before we get a new all-time move into 3250.
Join a community of active traders, both swing and day traders. Education & Live trading.
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.