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Momentum Trading with RaginCajun

RaginCajun
Joined Jan 27, 2008
7,405 Blog Posts

SPX Retracement

RaginCajun Fri Aug 7, 2009 2:35pm EST 1 Comment

It’s amazing to me that I had to bring up a 2yr chart of the S&P 500 to see where our next resistance point would be– we have come so far, so fast! Nonetheless, when I plotted my retracement levels, I noticed that we are sitting right at the 38.2 level (a significant level):

spx1

I would like to see a strong close, if not, this level looks like it could be a breaking point.

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One comment

  1. EN1GMA
    EN1GMA
    August 7, 2009 at 5:46 pm

    RC, was this close weak enough to warrant a possible breaking point?

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