Multiple S&P500 Support Levels in Play
- Posted by JC Parets
- on July 23rd, 2012
Markets are selling off hard on Monday. Here are the levels we’re watching:
1337: 38.2% Fibonacci Retracement (June 4th low – July 19th high)
1332: 50-Day moving Average (flattening out)
1324: 50% Retracement (June 4th l0w – July 19th high)
1314: 200-Day Moving Average (Upward-Sloping)
1310: 61.8% Fibonacci Retracement (June 4th low – July 19th high)
Stock Markets are in free-fall and bottom fishing is tough to do. But we’ll be looking for divergences off these potential support levels mentioned above as pivot points to trade off of.
I think there is a ton of support in play right now and we’ll be using this sell-off to initiate positions. Tight stops below these upcoming reversals will be the key here.
Go get ‘em!
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) and is a member of the Market Technicians Association. More
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