Stocks tumbled Friday, taking us to lower levels of support. We have identified these in the last report and we have tested these levels to the tick. In particular, we saw support at 4487, before testing 4462 which appears to be holding for now, confirmed by a green triangle on the KRI. We are testing 4487 from below again, but will need momentum to pierce through it. We are anticipating another wave of risk on to come through stocks this week, so watch for the S&P to gain some traction and test higher levels including 4487, 4505 and 4521. We have a way to go before considering new all time highs, but 4564 is the next target after this.
Note
4462 providing good support for the S&P as mentioned in the report! Good place to buy for a quick scalping trade
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.