Very short trading plan today. Plagued by yet another slow hotel network, this time in Moab, Utah. I shot tons of pictures yesterday, and it's been very difficult to load them so far.
This is the week that the market needs to prove it can bounce. I'd like to see the S&P get to 1330.04. Inability to achieve even a mediocre bounce such as this after such an oversold condition would likely lead to a strong decline.
1330.04 is a 1:1 Fibonacci target. 1339.10 is the 38% retracement level. This is a wide zone that should act as a price magnet.
Failure to bounce could quickly nullify the 200-day moving average and target the 1250 area -- there are two separate Fib targets there.
No comments:
Post a Comment