SPX aka S&P500 closes above key level
SP500 closes above key level. Can we say the market has recovered? Is it a dead cat bounce before a plunge deep down in the market abyss? Lets analyze.
SPX closes above 2700 which was historic support level but this time it had flipped into resistance.
It is above a long term trend line on the chart
The daily velocity is upwards.
Price above the LSMA on daily
Daily RSai neutral
But below 0.5 fib extension.
The TA is lacking one element for me to call it a recovery. I am waiting for a daily candle or rather a weekly candle to close above the 0.5 fib or around 2800.
If the market shows recovery signs it will be good time to buy in some of the stocks with strong balance sheet.
Stay tuned I will keep you updated if anything changes.
SPX closes above 2700 which was historic support level but this time it had flipped into resistance.
It is above a long term trend line on the chart
The daily velocity is upwards.
Price above the LSMA on daily
Daily RSai neutral
But below 0.5 fib extension.
The TA is lacking one element for me to call it a recovery. I am waiting for a daily candle or rather a weekly candle to close above the 0.5 fib or around 2800.
If the market shows recovery signs it will be good time to buy in some of the stocks with strong balance sheet.
Stay tuned I will keep you updated if anything changes.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.