Yesterday's volatile and weak open for the major equity indices saw the Mar S&P test the 38% retracement (1381) of the entire rally from last June's low. The contract was able to bounce from there but so far the recovery is on shaky ground.
If the contract can hold above there and start to move into positive territory it will be an excellent sign that the market is poised to move back toward the highs as that time frame will retain the larger bullish trend signal. Should the contract break and close a session below 1381 a much more significant correction is underway.
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