I don’t write about the stock market too much on this site anymore, unless something big is about to happen. And right now it is. You can follow my updates on this unfolding market at http://www.darkpooltraders.com/vb/stock-tips/104-stock-market-breaks-trend-line-support.html (Great site by the way! You can talk with me or other traders, post questions, have discussions in the chat rooms or in the forums. Check it out!)
But I will give you the basic snapshot here:
We are resting right on the “savage support line.” Why the “savage support line?” Well, if there is a legitimate break of this level the fall likely take us down about 10% from current levels. You can see the target area on the chart below. How the market reacts off that target area will determine whether we bounce, in which case we have an amazing opportunity to buy into one of the lowest risk areas of a bull trend, or we realize the governments screwed the pouch and we are retesting March lows. But that is a bit down the road.
The pivotal level right now though is 880 on the s&p 500. A break below will sends us towards our target. This market is in a trading range so the breakout may not happen tomorrow, but it may. This is a big level and we closed right on it, so I owed it to you to least make you aware of it.
S&P 500 Daily - Free Stock Charts
Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!
Trade the most active foreign currency markets with a mechanical and proven trading strategy. Free two-week trial.
NetPicks E-Mini Futures and Forex Trading System
Day trade the S&P 500, Nasdaq QQQ, and S&P and Nasdaq E-Mini contracts and cash out at days’ end. All trades managed from entry to exit via live trading room. Two-week introductory special.
Stock Market Set to Plunge?
I don’t write about the stock market too much on this site anymore, unless something big is about to happen. And right now it is. You can follow my updates on this unfolding market at http://www.darkpooltraders.com/vb/stock-tips/104-stock-market-breaks-trend-line-support.html (Great site by the way! You can talk with me or other traders, post questions, have discussions in the chat rooms or in the forums. Check it out!)
But I will give you the basic snapshot here:
We are resting right on the “savage support line.” Why the “savage support line?” Well, if there is a legitimate break of this level the fall likely take us down about 10% from current levels. You can see the target area on the chart below. How the market reacts off that target area will determine whether we bounce, in which case we have an amazing opportunity to buy into one of the lowest risk areas of a bull trend, or we realize the governments screwed the pouch and we are retesting March lows. But that is a bit down the road.
The pivotal level right now though is 880 on the s&p 500. A break below will sends us towards our target. This market is in a trading range so the breakout may not happen tomorrow, but it may. This is a big level and we closed right on it, so I owed it to you to least make you aware of it.
S&P 500 Daily - Free Stock Charts
Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!
Trade the most active foreign currency markets with a mechanical and proven trading strategy. Free two-week trial.
NetPicks E-Mini Futures and Forex Trading System
Day trade the S&P 500, Nasdaq QQQ, and S&P and Nasdaq E-Mini contracts and cash out at days’ end. All trades managed from entry to exit via live trading room. Two-week introductory special.