On the market open price briefly tried to go down, but rebounded within minutes. On hourly chart price received support at 50 MA, and went up from there. $600 level was a breaking point in my view, as mentioned in prior post. Break above this level signals a decent rebound north.
I’m expecting $660ish to be tested first (50 DMA), and then likely push to $700, or just above it to possibly test 100 DMA (currently sits at $721, but it will be a bit lower by the time price reaches there).
Any long position entered above $660-$670 become very risky. That’s where I expect this current rebound to peak and from there we should see sub $500 price.
It’s interesting how this rebound coincided with rebound in BTC/ETH form their recent lows. I don’t like calling tops in general markets because they are driven by many other forces, but it just so might happen that S&P500 peaks shortly after if not at the same time as this rebound.
I am going to post analysis on daily chart to make longer term picture clear.
This is not financial, investing, or trading advise.
I’m expecting $660ish to be tested first (50 DMA), and then likely push to $700, or just above it to possibly test 100 DMA (currently sits at $721, but it will be a bit lower by the time price reaches there).
Any long position entered above $660-$670 become very risky. That’s where I expect this current rebound to peak and from there we should see sub $500 price.
It’s interesting how this rebound coincided with rebound in BTC/ETH form their recent lows. I don’t like calling tops in general markets because they are driven by many other forces, but it just so might happen that S&P500 peaks shortly after if not at the same time as this rebound.
I am going to post analysis on daily chart to make longer term picture clear.
This is not financial, investing, or trading advise.
