Important price levels : 1808-1798-1836-1844
As per our analysis yesterday we warned that a sharp decline could lead to the 38% Fibonacci retracement if 1832 was broken. The short term trend is down. However the form of the decline from the all time high at 1848.64 is corrective and I believe that yesterday we completed the third wave down of the correction. My expectations are now to see another new upward impulsive move to new all time highs.
However I notice in the volume by price indicator the big volume column near the top of the recent move. This is the only worrying sign that could justify a further downward move towards 1800. For more help trading this index become a member today.
As always, thank you for taking the time to catch up on my thinking.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
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S&P Short Term Analysis: Trending Down
Published 01/14/2014, 06:58 AM
Updated 07/09/2023, 06:31 AM
S&P Short Term Analysis: Trending Down
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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