S&P 500 Technical Analysis: Down Move Set to Resume? | Forex Factory

  • S&P 500 Technical Analysis: Down Move Set to Resume?

    From dailyfx.com

    The S&P 500 paused to digest gains after launching higher as expected following the appearance of an Inverted Hammer candlestick. Prices recovered to within a hair of the 2000 figure in a mere two days having dropped to a 10-month low above the 1800 threshold from a range just below record highs in only four sessions. The rapid see-saw swings made for the most dramatic volatility since late 2008, when markets were gripped by the global financial crisis. Near-term resistance is now at 2018.50, the 61.8% Fibonacci retracement. A daily close above this threshold clears a path to test range floor ... (full story)

Comment Options
ZebraSquirl
Aug 31, 2015 11:24pm
Permalink
As always, take the info with a grain of salt. The only time I regard a Fibo level as one of any long-term significance is if price action (support/resistance) has previously responded to that particular level, but I can clearly discern what is S/R without bothering to paint Fibo lines on my chart, which merely clutter up what is already clear ... .

204, for example, is not a Fibo level of interest as far as I can tell; but price has responded to that level regardless of whether it corresponds to a Fibo line or not.
Reply
Hurst
Aug 31, 2015 3:01pm
Permalink
How do you know this information is a crock of shite?


1 Candle stick analysis is useless unless combined with support and resistance levels

2. Fib levels are really a load of useless meaningless levels taught to new traders and have no influence over the market.

2040.7 is a level to watch because that was former support, so if it turns into resistance we are good to go down.
Reply
Hurst
Aug 31, 2015 3:07pm
Permalink
There are two H4 supply levels one at 2031.6 and the other at 2096.2, looking at todays move you can see 2000 above you, London was closed today so I would assume they will want to get in on the action, many traders are short with stops on or just above 2K, easy pickings for London dealers.
Reply
Trader#7749
Aug 31, 2015 12:28pm
Permalink
@ dailyfx I dont how u got a job but this is not hanging man. stop posting wrong information to the public
Reply

  • Related Stories

There are no posts to display for these settings.
  • Story Stats