the daily chartist

S&P500 recap for 09.02.2016

published 3 years ago
S&P500 Daily

 In the world of stocks things aren't looking very good. Not slightly at all. For the S&P500 price yesterday opened at 1855.5, made a high at 1868.8, low towards 1830.8 and manage to close at 1851.7 near opening levels. Even the dollar weakness can't boost the indexes. S&P reached crucial support zone at 1831.2 which is still a vital one as you may see in the past it held its grounds for several times. But as they say: "as a level is tested a lot of times, it will brake eventually". But in a common market tradition this quote is very much inverted to ..."it will hold eventually". It is a matter of time as these levels are breached and markets will enter a new bear trend. Though some indication seems to suggest it from a long time now, markets don't give up that easily. S&P500 will continue to be choppy between 1831.2 and 1933.9 until a catalyst comes and releases the pressure in one direction or the other. Buy the dips still holds as a solid strategy, but it will expire at some point.