Well… we did have a rough few days of trading… If you look at my previous post, I did mention that testing the 200-week MA was in the cards. There is something interesting I want to note today. If you take a look at the 1120 level, we have been able to hold support there over the last couple of days of choppy trading. Can it be a sign of the bottom? Maybe. Maybe not. Bullish investors can go long here with stop underneath the 1120 (or maybe 1100) level on S&P500. We can then participate in the upside (if any) and at the same time limit our losses to the minimum if there is further downside.
Happy Trading!