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S&P 500

S&P 500

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Good morning Traders!

S&P 500

The market is in an uptrend on the Daily and the Weekly timeframes, and it is currently overextended from it’s Moving Averages on these timeframes.

S&P 500
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Drawing the Fibonacci retracement of the latest Daily move, has the 50% retracement clustering nicely with the August 22 highs as well as the mid timeframes high. Another area of interest is the 4300 level, which is not only a psychological level but also a previous level of Resistance on this market.

I am looking for a pullback to either one of these areas, and for signs that the pullback is over in the form of a reversal setup.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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Trading leveraged products such as Forex and CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company or affiliated Companies have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.

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