FWIW Stock Traders Almanac is saying that the S&P may test it's low.
"At the end of last month we laid out the technical picture for the S&P 500. At the time, the market had settled into a range between 2815 and 2945 on the S&P 500. The S&P 2815 support level we have been tracking for a while (that sits at the intraday high back on November 7, 2018 where the market failed last fall before the 20% correction ran its course to the Christmas Eve low) held up rather well – unlike the ~2700 level last fall.
Since then S&P has cleared the 2945 level, which was the intraday high on Friday August 2 that was the beginning of two back-to-back Down Friday/Down Mondays, which has a negative indication if not quickly reclaimed. We have been looking for the market to drift higher into mid-September with a struggle to break above 2945-2955 on the S&P, which is right at the 50-day moving average (DMA).
Now that S&P has clear that level and with today's late-day rally pierced the last line of resistance at the July 3 high/close of 2996, it looks like we will able make a run at the highs before turning lower the last week of September. October could likely see a retest of 2815 with the 2725 support level that was held in June also being in play. So we are sticking to our drill and will wait for our Best Six Months Seasonal MACD Buy Signal before jumping back in with both feet."
Posted by: scsi_guru@yahoo.com
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