SPX500 approaching support, potential bounce!
SPX500 is approaching our first support at 2600 (100% Fibonacci extension, Horizontal swing low support, 76.4% fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 2808 (61.8% Fibonacci retracement, Horizontal overlap resistance).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results