SP500 Analysis

SPCFD:SPX   S&P 500 Index
Last week I was expecting the SP500 to reject the 61.8 Fib retracement level @2930 quite aggressively. This was overshot to 2970 due to better than expected earnings reporting.

With the open today (04May2020) we have broke below the downward trending white line, giving bears the upper hand.

With the current setup we have I am neutral until we see a clean break of support at 2809. I will enter a short position on retest and rejection of this level with TP at 2729.

Long over 2889 (unlikely)..


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