S&P e-minis holding its 50day moving average...for now.
That has been todays support line and about half way between the range recently
spoken about. If it closes below or moves aggressively below intraday then look
for continuation to the lower end of the range in the near future - possibly
tomorrow.
More on this area of support...it happens to be the 23%
Fibonacci retracement line of the move from the December 19th lows to the
April/March highs. So yes, it is significant. Below here the next level of
support is the reaction low from early March which also is close to the 38.2%
Fibonacci retracement line near 1330. That move, if it happens, should conclude
wave C of the ABC correction. That part of history will be interesting to see
how it unfolds in terms of velocity and duration.
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