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Now that we’re getting a hearty rally, a new opportunity may be revealing itself by way of the emerging markets fund, shown below. There’s a gap at 37.56, which also corresponds nicely with a broken supporting trendline. The closer we get to that price level, the more appealing the risk/reward ratio is.
Originally published at TheTechTrader.com.
The bounce scenario that I posted on twitter on Monday night played out and then some, and the SPX highs yesterday started to break significant levels that I would prefer to see unbroken, with a break over declining resistance from the last high, and small breaks over both the daily mid band and the 5 DMA. This is a very important inflection point and bears must deliver a red day today to avoid confirming those small bullish breaks today. Bulls want to confirm yesterday’s breaks and also break through the remaining important resistance levels in this area which are as follows:
– 2095.00 – 100 day MA
– 2098.37 – 50% fib retrace from 2132.82 high
– 2098.45 – weekly middle band
– 2100.60 – 50 day MA
– 2102.71 – 50 hour MA (dropping fast)
