Start the conversation
Last week, I shared a really big chart with everyone; it had lots of "stuff" on it that told the story of the past few months as we transitioned from smooth, unambiguously bullish action to the violent rallies and sell-offs – volatility – that defined the end of 2018.
Today, we'll look at just very recent trading, so we can see that the two main support and resistance levels are still in play in stocks. We're not strolling down memory lane; a lot of unprepared investors are going to live or die by these levels, and folks "in the know," like us, will determine their moneymaking posture using these numbers.
In fact, I'll go one better: I'll add two levels – one short-term support level, and the longer-term resistance level that will come into play when 2,600 is finally broken one way or another.
With that, let's look at where the market "needs" to be – and where I think it might end up…
About the Author
Nationally recognized technical trader. Background in engineering, system designs, and risk reduction. 26 years in the markets.