One look at the S&P 500 and you see the 78.6% Fibonacci level we talked about over the weekend. Yesterday we tagged it and immediately got a downside reaction off of it.
Today we came back up to test it and thus far and sure enough it moved away from it again. At this point we’ll have to now see IF the index breaks the little blue uptrend to the downside and falls or just consolidates sideways. We still have some uncertainty to deal with here but we’ll trade what we see not think hear or fear and the two short sells we took were just those types of trades in individual issues sporting resistance and potential double tops.
To learn more, visit our blog site and sign up for our free newsletter to receive our free report — “How To Outperform 90% Of Wall Street With Just $500 A Week.”
