What's Next for Stocks?
We had mentioned last night that 3584 would provide resistance and it did, at least for a short scalp. The S&P tested this, then retraced to 3547, over a 30 point move. Currently it is ranging between these two levels. Unless there is a news event to drive it otherwise, it is likely to remain ranging. If it does break down, however, we could see a lot of momentum here, to 3485, a Fibonacci level, or lower. If you are range trading the S&P today, keep that in mind. Eventually, we anticipate stocks will make highs again, but there is more risk to the downside at this point, even if it is just a technical retracement.
Join my discord at discord.io/quantguy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.