Tuesday March 1, the benchmark S & P 500 is again released from the bottom of the rising wedge-like structure within which it fluctuated since last September. The rise in the last 3 days was actually a "Pull Back " on an area support now become resistance. At the bottom of the support area of 1.306 points, the index will end up in the shadows of the candle last Wednesday, which represents a position of weakness and potential bearish continuation for the index.
Wednesday, February 23, here's what I was describing one day before Thursday's rebound past
"The support of the rising wedge type figure was smashed today on validation of this break, the next target is the area of the moving average of 45 days was used to support the end of November. Two very important supports to observe carefully, the first is located at 1.276 points, the second is represented by the 23.6% retracement at 1.265 points.
I often mentioned that it could not be any real correction as long as the curve points or a price index or a title was located at the top of the 23.6% retracement at the top of this there is fluctuation retracement or oscillation quite normal, for cons at the bottom of this retracement is where the clan is really bearish on traffic control ... at least until the next support. On breaking the 23.6% Fibo towards the 38.2% located on the previous high of last April to 1,216 points, which could provide an excellent medium, but one step at a time ... "
Wednesday 2 March
As mentioned previously, moving average of 45 days was used twice to support area for a rebound in the index in November and last Thursday was to observe carefully. Because of breakage of the support area of 1.306 points towards the MM 45 days and thereafter the support area of 1.276 and finally the 23.6% Fibonacci retracement located at 1.265.
The fracture of 23.6% Fibonacci retracement of valid triggers and potentially bearish momentum and continuity of the index directs to the Fibonacci retracement of 38.2% to 1,216 points, which corresponds almost exactly to you surely already noticed in the long term moving average of 200 days which is currently with 1.202 points, while the pivot points here to watch!
.
Wednesday, February 23, here's what I was describing one day before Thursday's rebound past
"The support of the rising wedge type figure was smashed today on validation of this break, the next target is the area of the moving average of 45 days was used to support the end of November. Two very important supports to observe carefully, the first is located at 1.276 points, the second is represented by the 23.6% retracement at 1.265 points.
I often mentioned that it could not be any real correction as long as the curve points or a price index or a title was located at the top of the 23.6% retracement at the top of this there is fluctuation retracement or oscillation quite normal, for cons at the bottom of this retracement is where the clan is really bearish on traffic control ... at least until the next support. On breaking the 23.6% Fibo towards the 38.2% located on the previous high of last April to 1,216 points, which could provide an excellent medium, but one step at a time ... "
Wednesday 2 March
As mentioned previously, moving average of 45 days was used twice to support area for a rebound in the index in November and last Thursday was to observe carefully. Because of breakage of the support area of 1.306 points towards the MM 45 days and thereafter the support area of 1.276 and finally the 23.6% Fibonacci retracement located at 1.265.
The fracture of 23.6% Fibonacci retracement of valid triggers and potentially bearish momentum and continuity of the index directs to the Fibonacci retracement of 38.2% to 1,216 points, which corresponds almost exactly to you surely already noticed in the long term moving average of 200 days which is currently with 1.202 points, while the pivot points here to watch!
.
If from the top short-term index located to 1.344 points are subtracted a 10% contraction / consolidation commonly called a correction, it sets a target looking bearish for Standar & Poor's located 1.209 points which corresponds again to the area moving average term of 200 days .
Pivot Point - bearish momentum
- PP - 1 = The support area of 1.306 points
- PP - 2 = support the 45-day moving average currently located รจ 1.295 points
- PP - 3 = The support area of 1.276 points
- PP - 4 = Zone support 23.6% Fibonacci retracement located at 1.265 points
- PP - 5 On break = bearish Fibonacci retracement direction = 23.6% long-term moving average of 200 days.
- PP - 6 = On downward break of the MM 200 days towards the 50% Fibonacci retracement located at 1.177 points, which represents the last zone in negative territory which is still acceptable, at the bottom of this Support Index starts to fall in severe correction mode. Ideally a rebound on the area of the 200 day moving average is highly desirable to maintain the morale of the troops ...
The observer technical analysis of stock markets
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