Today S&P500 bouncing up and down the positive and negative zone several times. At the end closed down 0.62 point. The low was 1107, buyers rush in and made the 1110 (200 days moving average) a very strong short term support.
If you have no chance to buy into this rally, I don't suggest you to buy it at this price level. It's better to wait for a retractment. Let say if the market retract from yesterday high 1119, you can wait for the 38% (1089) or 50% (1079) retractment level to enter your trade providing that the market rebound at these level.
If you want to short this market, you need to wait for the 50 days moving average which is 1142 or the next price resistance 1150. Remember to set a stop lost few points away. Better be safe than sorry!
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