Multiple S&P500 Support Levels in Play
July 23, 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!
Tags: $SPX $SPY $ES_F