Technical analysis of S&P 500 video
A couple of weeks ago, we studied one video from MarketClub. In that video, we used trend analysis and Fibonacci retracement and made some predictions for S&P 500. In this new video, we followed our predictions and use technical analysis to see what will come next for S&P 500.
The dramatic run up that we have seen in the S&P 500 may be coming to an end. The retracement back over the 840 level should provide sufficient resistance to reverse this market to the downside.
One exciting tool from MarketClub is the Trade Triangle. A long-term indicator, the monthly "Trade Triangle" remains negative on this market. While the direction of our weekly timing "Trade Triangle" is on the sidelines and neutral. This has created a conflict, meaning that conservativ
e traders should remain on the sidelines to protect capital. You can try MarketClub and use those tools free for 30 days.
I am looking for an area to once again get short this market and trade with the major trend in our favor.
The downside target zone is for an eventual move down to the 500 level. Only if we take out highs as I mention in the video, then this analysis will change.
See the video from MarketClub. I hope you enjoy this short video. In summary, three techniques are explained using S&P 500 as an example.
- Fibonacci retracement - tell us possible resist and support levels
- Elliott wave theory - tell us which wave we are, and what wave to expect
- Trade Triangle - computerized sell and buy timing.
As usuall, do not take the conclusion for granted, think and try to learn from the technical analysis explained in the video. We will see if S&P will follow what the video says.
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