Watch This Level In The S&P
If you read this blog last week, you would know that I turned bullish on the stock market based on the weekly chart pattern. My first price objective on the upside is a test of the 50 day moving average.
In the above chart you can see how the 50 day moving average in the S&P coincides with a resistance level from last January. This level is the 804 area and I expect to see some selling come into the market once we reach this level. How the market reacts around its 50 day moving average will be very important in determining the stock market's next move.
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2 comments:
Hi Kevin,
I agree with the resistance coming soon, but I use EMA40 that fits the tops better. According to the EMA40, we are topping now at 780. That also agrees well with the Elliot Wave prediction of to at 780 followed by a sharp sell off.
BTW, thanks for your great analysis.
Can you take a look at the yen again please.I was looking at a long term monthly chart and it seems to have broken out of an ascending triangle
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