By Andrew Nyquist
Pretty heavy market lately. In late October I posted a blog with charts showing some key support levels for active investors to focus on. Those levels included S&P 500 1394 (.382 Fibonacci retrace) and 1375 (.500 Fibonacci retrace, and at the time the 200 day moving average).
Well the index briefly violated the 200 day moving average and touched the 50 percent Fibonacci retrace support today. Keep an eye on this confluence of support. If it gives way, the markets may eye lower levels/supports.
Note that I will have a blog coming up weighing the probability of a late November, early December stock market trading bottom based on current DeMark weekly counts.
Trade safe, trade disciplined.
More charts found here.
S&P 500 stock market chart as of November 8, 2012. S&P 500 chart with technical analysis and Fibonacci support. S&P 500 stock market index analysis for month of October.
Position in S&P 500 related SPY at the time of publication.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.