The S&P 500 Index finished the day at 1051.87, 15.5 points lower, but is rested above potential support at the 1050 level. Wall Street learned this morning that existing homes sales plunged 27.2% in July, marking their largest-ever monthly decline. Meanwhile, inventories of unsold homes swelled to 3.98 million in July, representing the largest stockpile in more than a decade. Bears took this negative news and sent the S&P500 to the low of 1046.68 today, it almost hit our second projection target 1041 today.
Market is very fragile right now. Weak economic data keep injecting into the mind of investors. There isn't any positive and bullish catalyst to stimulate this market at this moment. Market is oversold right now, it's a good opportunity for day trading. Buy any panic sell off and short any extreme complacency. You can make some quick money by shorting the gap up open market yesterday and buying the gap down open market today.
Watch support 1041, 1019, I will be a buyer and day trade these two supports tomorrow if there is an extreme sell off and rebound from there. Then, I will take profit when market run to 1065-1070 (prior resistance and fill the gap).
No comments:
Post a Comment