Tightly Coiled Market at All Time Highs Sept 15
Fri, Sep 15, 3:21 PM ET, by Corey Rosenbloom
Are we having fun yet?
The S&P 500 and Emini (@ES) trade shy of the full 2,500 target and we’ve seen Range Days develop underneath the key resistance (target) high.
Let’s chart today’s @ES Fibonacci Grid in play:
Fibonacci Retracement Levels will NOT come into play if buyers trigger a breakout (and create a Short-Squeeze) so be prepared for a bullish breakout beyond 2,500.
Otherwise we remain neutral/cautious into the all-time highs.
Should the market actually pull back (can it actually do that anymore?), look toward your Fibonacci Levels above for pullback targets.
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Corey Rosenbloom, CMT
Afraid to Trade.com
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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).”
SDI Glossary: "Finance" Definition
SDI Glossary: "Retracement" Definition
SDI Glossary: "Short" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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