Crash Goes the Market to Lower Targets Jan 30
Mon, Jan 30, 1:11 PM ET, by Corey Rosenbloom
From the negative divergences in an overextended market, a pullback was precisely the expected future.
However, this pullback was faster and more furious than expected, collapsing the market straight into a key target.
Here’s today’s updated Emini (@ES) trading levels for your trades:
Be sure to revisit last week’s updates regarding Market Internal Divergences and an expected pullback.
The logical daily chart target for the S&P 500 was the rising 20 day EMA near 2,270.
The @ES continues to have the following Fibonacci Grid active, placing 2,263 as the 50% retracement.
Price achieved BOTH these key targets today after collapsing from all-time highs during a weekend of political agitation and renewed concern – rather than optimism – about the future (however temporary that might last).
Nevertheless, here we are with a “make or break” support pivot in play. Plan and trade the departure from here.
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!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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