SAMT Blog
S&P 500: a matter of levels
26. May 2019, by Mario V. Guffanti
Technical Analysis
In this last period the stock markets are in a corrective phase. One of the analyses that are made in these situations, is that relating to the search for a correct support level. Even the strategists of the investment banks ask themselves the same question, which is linked, as we read on zerohedge website, with two critical numbers: the Trump put, and the Powell put - these represent the maximum dropdown in stocks that the two most powerful people in the world will allow the S&P to drop before intervening to preserve the "wealth effect", their reputation, confidence in the economy, etc.
Let’s look now at the most important levels to watch with the use of Technical Analysis. If we consider the daily chart of S&P 500, after the May top at 2.954,13 we could note that we have a lower high that forms a potential head and shoulders pattern. The first projected target for that pattern is at a level that corresponds to the 50% Fibonacci retracement (p1).
Now the price is around 2.800 usd (2...
Categories
- SAMT News (47)
- Technical Analysis (175)
- Events (20)
- Webinar (31)
- Education (25)
- Update (3)
- Book Reviews (8)
- Videos (9)
- Interviews (9)
- Trading Psychology (4)
- Italian (24)
- Journal (12)
- Resources (6)
- Guest Author Article (11)
- Trader Essentials (1)
- Wolfe Waves (49)
- French (11)
- harmonic patterns (33)