The current pullback we are experiencing in the S&P 500 is almost as deep
as the pullback in September, having declined 5.11% so far.
At the moment, the 50 simple moving average is holding as support. If this
level fails, then we have the 200 simple moving average below, but price
will have to decline a further 5% to reach it.
A decline that far will see lots of profit given back to the market, but we
should see a resumption of the overall bull trend over the long term.
The main thing to consider is that the overall trend from March 2020 is still
bullish and creating higher highs and higher lows.
Once price breaks and closes above the recent high from November 22nd
at $4743, we anticipate a move towards the $5000 round number.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
as the pullback in September, having declined 5.11% so far.
At the moment, the 50 simple moving average is holding as support. If this
level fails, then we have the 200 simple moving average below, but price
will have to decline a further 5% to reach it.
A decline that far will see lots of profit given back to the market, but we
should see a resumption of the overall bull trend over the long term.
The main thing to consider is that the overall trend from March 2020 is still
bullish and creating higher highs and higher lows.
Once price breaks and closes above the recent high from November 22nd
at $4743, we anticipate a move towards the $5000 round number.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
