Support levels for the S&P500 now would be:
1058.11 - 1/4 retracement of the move up since 2 September. Holding this level keeps the very fast trend up since 2 September in a strong position.
1047.08 - 3/8th retracement keeps the trend up since 2 September intact but not so strong.
1046.46 - 38.2% retracement (same as previous).
If these levels get breached then a deeper pullback is probably on the cards imo, unless the breach is only marginal and lasts no more than a couple of hours imo.
If there is a deeper pullback occuring now then the previous highs are also support (1039.5 and 1018) but 1027.44 is of more importance imo as that is the 1/4 level of the rally since 8 July and the level that has held on the previous 2 larger retracements since 8 July rally.
If Wednesday is not the high in place, and we have just begun a more sustained retracement and are then going out to November for a high as Robbbb suggests, that is a huge amount of time for a rally to complete but I guess it has come after a record setting decline so okay....
This rally in the US hasn't exhausted yet and being as large as it is, that is how it "should" (not "must") finish, from what I understand.
It is also interesting to note that:
- getting very close to the 1/4 extension of the rally over the same time period is what turned the XAO down last week (was within a point of hitting on the XAO and just within 2 points last night), and
- a 1/4 extension of a prior rally is what ended the '38 rally (overshot by 0.38 of a point).
I don't want to guess what will happen tonight. It could reverse up or be down large or consolidate.
Just watching.
- Forums
- ASX - By Stock
- XJO
- tuesday
tuesday, page-107
-
- There are more pages in this discussion • 28 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add XJO (ASX) to my watchlist
(20min delay)
|
|||||
Last
8,069.7 |
Change
-22.200(0.27%) |
Mkt cap ! n/a |
Open | High | Low |
8,091.8 | 8,091.8 | 8,041.3 |
Featured News
XJO (ASX) Chart |
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online