Day Two of Market Crashing to Support Jan 31
Tue, Jan 31, 12:31 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 to our targets.
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 which I updated yesterday.
The @ES continues to have the following Fibonacci Grid active, placing 2,263 again as the 50% retracement.
Yesterday gave us a sudden boost from this level, only to see price crash back into it today.
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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