The S&P Is In Doji City – Key Short-term Levels
What a Dragonfly Doji Indicates
When it forms at the bottom of a downtrend, the dragonfly doji is considered a reliable indication of trend reversal. This is because the price hit a support level during the trading day, hinting that sellers no longer outnumber buyers in the market. If the security is considered to be oversold, which may require the assistance of additional technical indicators, a bull movement may follow in the days ahead. This may be a chance for additional entry points, especially if the market has a higher open on the following day. – Investopedia
Nice reversal today right at the 2018 closing low.
The S&P500 formed another, though not perfect (the body is a bit long), Doji candlestick today, which has four times indicated a short-term reversal during this brutal Q4 correction.
Note also the Fibonacci retracement levels have been reset as the S&P500 broke its recent correction low at 2603 today.
Key Short-term Levels
The first level to the downside which needs to hold, especially on a closing basis, is Friday’s close at 2632.57, the closing low of the Q4 correction. The next support is 2581, the 2018 closing low.
On the upside is the first Fibo at 2667 and then reclaiming the 20-day moving average at 2703, or 2.5 percent higher. Baby steps.
Noise
Let us reiterate; it’s futile to call short-term moves, especially in today’s ‘bot/algo driven markets. Scalpers and day traders make money based more on their discipline than on being a guru trying to time the noise.
Our short-term analysis is done only to indicate pivots for disciplined entry and exit points for the trading set. Long-term investors should view it as entertainment and noise, though we believe the current market environment is one of those few times during an investor’s life they should be less exposed to risk.
Wait for the blood in the street to increase exposure. There will be blood.
Source: https://macromon.wordpress.com/2018/12/10/the-sp-is-in-doji-city-key-short-term-levels/
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