The S&P 500 fell significantly during the course of the day on Monday, bouncing off the 1860 level. However, this market still looks like it’s ready
The S&P 500 fell significantly during the course of the day on Monday, bouncing off the 1860 level. However, this market still looks like it’s ready to go even lower, and at this point in time any type of rally will more than likely invite more selling so a short-term resistive or exhaustive candle would be reason enough for us to start selling yet again. It’s not until we break above the 1950 level that we would be comfortable buying this market as it would show a shift in momentum. Regardless, expect quite a bit of volatility.
S&P 500 Forecast January 19, 2016, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
