S&P 500 Chart Analysis
Source: Rebel Traders
After very disappointing economic data early this morning the markets continued to sell just about anything not nailed down.
A perfect technical bounce, albeit slight, occurred exactly at the 50% Fibonacci price level (measured from the July 1st low to the August 9th high). At this time 1070 on the S&P 500 (SPX) index is the new ‘line in the sand’.
A failure of 1070 to hold will put the S&P 500 on a path to the next support region at 1055 – 1060
S&P 500 Chart Analysis is a post from: Rebel Traders – Stock Market and Economic Analysis
Read the original story at Rebel Traders
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