In the week ahead look for these news announcements to act as potential market movers…
This week is sure to shed some light on the next longer term move. If we continue to sell off, massive panic could ensue, however I do not believe this will be the case. It would make sense that we see 1125 on the S&P, at least before we see 1040 again. This would be a great opportunity to add some swing shorts and take profits on longs. Below are the pivot levels for the week and month.
Our line in the sand for the week will be $1122 bullish above, bearish below, meaning if we break above this level, we will look to double top on the S&P, if we come up to 1122 and fall back down we will look to a target of $1005 on the S&P, yikes.