Markets are trading down with the SPX down 13 at the 1,495 level. Where to from here?

A few thoughts- today's first support level (pivots), near 1,495, which has been touched a few times already, maybe a bounce area before a slip lower and the lows from last week near the 1,490 level may be a reversal point for a "meaningful" bounce. Also note that today the SPX slammed into the 50 day SMA at 1,512 and turned around right there, so mark that down for future reference as resistance.

Another spot to look for down the road is the 1,476 level which is the lift off spot from the first rate cut on September 18. That also happens to be at/near the up trending 200 day SMA.

My guess is we will probably get down to those lower levels but they will be buy areas as I still expect the markets to close the year on a high. My game plan is to scale in when the buy signals shout.


Blogger Burk said...

Great plan!!

2:36 PM  

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