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28 Aug 2013
Rallies on the S&P 500 likely to be sold - 2ndSkies
FXstreet.com (Barcelona) - The S&P 500 continues its heavy sell-off, losing over 30 points on Tuesday after the index saw outright offers from start to finish, taking out recent swing low of 1630 to close at 1628.
According to Chris Capre, Founder at 2ndSkies: "Intra-day price action isn’t suggesting any major upside soon with the small consolidation at the lows, so I’ll look to sell on rallies towards the SL (swing low) around 1635 and 1643 which was a key role reversal level, targeting 1600 and 1560 as I’m suspecting any rallies will be sold."
According to Chris Capre, Founder at 2ndSkies: "Intra-day price action isn’t suggesting any major upside soon with the small consolidation at the lows, so I’ll look to sell on rallies towards the SL (swing low) around 1635 and 1643 which was a key role reversal level, targeting 1600 and 1560 as I’m suspecting any rallies will be sold."