The S&P 500 Index ended on a loss of 5.5 points, closed at 1134.28. Despite ticking higher right out of the gate this morning, stocks spent most of the session south of breakeven today. The good news is we still perch above the breakout point 1130. As long as 1130 hold, traders will keep holding their long position, however, if 1130 is broken, watch for a short term sell off down to 1117(200 days moving average) and 1107(38% fib retracement level from the low 1040 to the recent high 1148).
Today, we don't have a heavy sell off day and market fail to confirm a reverse day. Although we don't have a lot of reports and data announce, tomorrow is a very significant day for traders because S&P 500 is at 1134, that mean market will make a surge or dip tomorrow. If we break 1130, especially 1125 is broken, a short term sell off is for sure. Nevertheless, if we rebound from 1132, market may head to the last destination at 1175 area if 1148 high is taken out.
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