Last week we suggested three good reasons why the market is due for a bounce.
The 1289-1290 support zone held, and the SPX gained 22 points. In the process
it even managed to close above the daily pivot line at 1317:
And market internals have become overbought again, placing an immediate further
advance in doubt:
So far it looks like the SPX is building yet another bear flag, but the confirmation
will come only with a break below the 50% retracement level at 1290.5. A jump
over the 38.2% retracement at 1321.5 will open the door for a retest of the
1340 resistance level.
George Krum is the author of the "CIT Dates" blog and several
books available on Amazon.
Gann
9 - the only financial app that allows users to effortlessly apply
the legendary W.D. Gann's tools and methods (including the Square of 9).
OddsTrader - the
only financial app that combines the power of Hurst Channels
with proper risk and position size management, can be obtained from the Apple
store. The Android version can be found here.
OT
Trend - the second addition to the OddsTrader
app family, allows you to quantify and forecast the seemingly random
ebb and flow of stock, index or mutual fund movement.
OT
Fibonacci - automates the process of applying
Fibonacci numbers, ratios and time series to any security.
OT
Seasonal - allows you to perform seasonal analysis on practically
any security from around the world, anytime, anywhere.
Circle Us