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We continue to chop sideways as earnings and economic news pours out. We have strong support at the $1075 level and resistance at $1100 on the S&P 500. Some positive economic news was answered by a decline on the market. With clearly defined support and resistant levels on the top line figures we have a good gauge of when to exit trades. We still remain in an uptrend and once that uptrend is broken we will think of taking a more bearish stance. We currently remain cautiously bullish.
It would make sense that we would continue up to at least the $1121 level on the S&P500 (50% Fibonacci retirement) as we continue to churn around the down trendline on the weekly chart.
We continue to chop sideways as earnings and economic news pours out. We have strong support at the $1075 level and resistance at $1100 on the S&P 500. Some positive economic news was answered by a decline on the market. With clearly defined support and resistant levels on the top line figures we have a good gauge of when to exit trades. We still remain in an uptrend and once that uptrend is broken we will think of taking a more bearish stance. We currently remain cautiously bullish.
It would make sense that we would continue up to at least the $1121 level on the S&P500 (50% Fibonacci retirement) as we continue to churn around the down trendline on the weekly chart.
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