The rally in the SPX and in most of the US markets have hit their respective resistance level. This is significant because prices sliced through the 200 Daily MA as if it wasn't even there. This time around this is going to be a resistance level. Along with the Aug 10 low and the 60min 75ma, we should see a reaction. The ST is still on an up-trend but we need to watch this first before we can confirm a change in trend and strength of it.
MT: DOWN
ST: DOWN
PA: NA
Since the market closed under the 1906 level that the 200 Day MA is sitting at. I would assume that we could push higher tomorrow to at least tap or exceed it before turning down for a reaction. Because we are on a longer-term down trend a short could be initialized for at least an intra-day trade if ever. A push above the said 200 Day MA negates any initiation for any short position.
when combine with fundamental analysis
ReplyDeleteI don't think this low (181x) is wave A. It should be the end of correction for moving higher to new high
Maybe the market likes to fool most investors to fear to buy before pushing the market to new high
I guess many investors wait to buy the next down wave (wave C) and they will miss to buy because the market won't go back
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