Wk42: Market Recap

26 Oct

We continue to chop sideways as earnings and economic news pours out. We have strong support at the $1075 level and resistance at $1100 on the S&P 500. Some positive economic news was answered by a decline on the market. With clearly defined support and resistant levels on the top line figures we have a good gauge of when to exit trades. We still remain in an uptrend and once that uptrend is broken we will think of taking a more bearish stance. We currently remain cautiously bullish.
It would make sense that we would continue up to at least the $1121 level on the S&P500 (50% Fibonacci retirement) as we continue to churn around the down trendline on the weekly chart.

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