From Corey Rosenbloom: In the battle for market dominance we still don’t have a winner. Bulls? Bears? Nada.
Instead we remain trapped at the highs in a volatile sideways trading range.
Here’s today’s updated S&P 500 Emini (@ES) trading levels for your trades:
Supply and demand move price; it’s nothing magical.
Right now we’re at a critical reference area – 2,270 in the @ES which is just under the all-time high.
Buyers want to extend the market higher with a breakout, and they’ve countered each of the three recent sell-offs of the bears.
With neither side victorious, we’re seeing volatility increase and our Fibonacci Levels serving as targets and short-term inflection (reversal) points.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
The SPDR S&P 500 ETF Trust (NYSE:SPY) closed at $227.05 on Friday, up $0.52 (+0.23%). Year-to-date, the largest ETF tied to the S&P 500 has gained 1.57%.
This article is brought to you courtesy of AfraidToTrade.com.