S&P 500 Undecided On Its Next Move
The S&P 500 suffered over a $1,000 drop in Febraury through to March 2020 and appeared not to be
slowing down. Price even closed below a major support level from December 2018 at $2,346.
This was an indication of further weakness to come but you can never predict what price will do next
which is evident here. Price quickly reversed back and is currently showing strength to the upside.
With such a large drop in such a short period of time, price has not reached safety just yet and we may
potentially see further weakness which is why we continue to stand aside from investing in stocks.
Before taking long positions in stocks, we first need to see the S&P rise and trade above the $3,000
round number which is a psychological area of resistance.
If price can confidently move above that area then this will indicate potential further strength in the market.
Anything can happen going forward, and if we see price trade back below the support level at $2,346 then we
will prepare for taking shorting opportunities.
We will be looking at some shorting opportunities in our free Facebook group and we also cover this
in our 4-Part series from the link below.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
slowing down. Price even closed below a major support level from December 2018 at $2,346.
This was an indication of further weakness to come but you can never predict what price will do next
which is evident here. Price quickly reversed back and is currently showing strength to the upside.
With such a large drop in such a short period of time, price has not reached safety just yet and we may
potentially see further weakness which is why we continue to stand aside from investing in stocks.
Before taking long positions in stocks, we first need to see the S&P rise and trade above the $3,000
round number which is a psychological area of resistance.
If price can confidently move above that area then this will indicate potential further strength in the market.
Anything can happen going forward, and if we see price trade back below the support level at $2,346 then we
will prepare for taking shorting opportunities.
We will be looking at some shorting opportunities in our free Facebook group and we also cover this
in our 4-Part series from the link below.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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