Corey Rosenbloom: After breaking under the rising 20 day EMA (as mentioned in the prior update), the S&P 500 (INDEXSP:.INX) traded quickly down toward the 1,655 support and indicator confluence.
Let’s update the plan and see what the chart suggests to do at the new price inflection (planning) level.
Here’s the Daily Chart so far:
I wanted to use this post as a quick update of the following key price or indicator levels to watch now:
- Rising 50 day EMA at 1,663 (price has closed three times under this level now)
- June 2013 swing high price at 1,655 (price is currently under this level)
- The 38.2% Fibonacci Retracement at 1,652.50 (price is also under this level at the moment)
- The 1,650 simple “Round Number” index reference level (this is where price trades currently)
For reference, here is the 38.2% Fibonacci Retracement of the recent rally from June to August:
For simple game-planning, we’ll continue to watch the intraday (hourly and 30-min) charts for any glaring positive divergences in Momentum and Market Internals.(...)Click here to continue reading the original ETFDailyNews.com article: Planning The Next Move Off The Key S&P 500 Level Of 1650You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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