S&P Resting Before Further Trends!
The S&P 500 remains in an area of consolidation for now, following the decline
we experienced in September.
A high of $4545 was formed on September 2nd, then a pullback came into play
which we anticipated as September is usually the weakest month of the year.
The pullback was deep but did not touch a previous level of support or resistance.
Price has since tried to move back to the upside, but the move has been halted
by 20 & 50 simple moving averages resistance levels on two occasions now.
The next obvious level of support we can expect price to move towards is $4233,
which is a previous low from July 19th. Below this lies the 200 simple moving average.
The 200 simple moving average is a more robust level of support and has a
higher probability of holding price if the first level fails.
The overall trend remains bullish, and we tend to see trends emerge around
October/November, so we anticipate that the bulls will pick up momentum
over the coming weeks. Remember that we can not predict the next move
but only anticipate what may happen based on current market conditions.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
we experienced in September.
A high of $4545 was formed on September 2nd, then a pullback came into play
which we anticipated as September is usually the weakest month of the year.
The pullback was deep but did not touch a previous level of support or resistance.
Price has since tried to move back to the upside, but the move has been halted
by 20 & 50 simple moving averages resistance levels on two occasions now.
The next obvious level of support we can expect price to move towards is $4233,
which is a previous low from July 19th. Below this lies the 200 simple moving average.
The 200 simple moving average is a more robust level of support and has a
higher probability of holding price if the first level fails.
The overall trend remains bullish, and we tend to see trends emerge around
October/November, so we anticipate that the bulls will pick up momentum
over the coming weeks. Remember that we can not predict the next move
but only anticipate what may happen based on current market conditions.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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