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11 Nov 2014
S&P500: 20-EMA H4 providing key support - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes that the S&P 500 remains on a stable trend, with the 20-EMA on the H4 chart now providing key dynamic support on dips.
Key Quotes
"One of the more stable bull runs as of late has been the S&P 500 which has virtually been above the 20 EMA since the middle of October. Recently the US index formed resistance at 2025, only to break above and pullback right into this level before pushing higher."
"Notice the two pin bar rejections off that key support level. This shows how the buyers are buying intra-day dips off the level, so we now have a ST key support marked."
"If this level holds again, then it should re-attack the yearly highs above 2037. If this level fails, then it should pullback towards 2012 and 2000 testing to see if bulls want to come back in on the quick. A failure of 1987 would lead to deeper losses before making another run higher."
Key Quotes
"One of the more stable bull runs as of late has been the S&P 500 which has virtually been above the 20 EMA since the middle of October. Recently the US index formed resistance at 2025, only to break above and pullback right into this level before pushing higher."
"Notice the two pin bar rejections off that key support level. This shows how the buyers are buying intra-day dips off the level, so we now have a ST key support marked."
"If this level holds again, then it should re-attack the yearly highs above 2037. If this level fails, then it should pullback towards 2012 and 2000 testing to see if bulls want to come back in on the quick. A failure of 1987 would lead to deeper losses before making another run higher."