SP500 daily analysis – FXStreet

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S&P 500 CASH

S&P has moved lower pre Wall St…I guess it had to really as it could not break higher and the overhead resistance at 2741 was impossible to break even after having tried it twice….we could only get to 2738…so what cant go up went down…

I was waiting for it just to touch the 2739/40 area….but it didn’t quite get there…Now although the market pre open is lower…Wall St determines where we go…and they do not get impressed when it is too far away from the where they closed…This is….and it took out their 2724 low…but as I have said…my charts are based on the Wall St session only…so I don’t get phased when we have a big move pre open…I wait and see …and then within 2 days usually the market does correct back to the opening/closing gap….

Now as I have said….a lot….I don’t like the stock markets…I mean I don’t like the way the stock markets look across the longer term charts….and I have seen nothing that has happened this year to change my mind…we are way off the highs….and the monthly charts still look awful. I did think between 2741 and 2750 would be the top…and my view on this has not changed…

Don’t chase the market down today on the open…give it time to settle….look at where the big support levels lie…weekly charts have 2712 as their 61.8…under this we have 2696….Now if Wall St decide that they want to go lower…and I think that they do we are sellers on any strength seen….I still have that 2741/50 bin my head…but in case boat missed I will start averaging before 2738 !!!!

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