If you haven’t already, make sure you go to iTunes to check out our new episode on what is the S&P500.
Yesterday, we drew a red line indicating the current support around the 2027-2030. Well, overnight, we dropped from the 2044 region down to 2030 to test that support. News headlines talked about the terrorist attacks in Brussels.
All we care is that the support level got tested and it held. We got some indication that this area was holding based on the price action in the first 30 minutes of today’s trading day.
Yesterday’s S&P500 Hourly Chart
We are now approaching the pink “5?” that we put in the chart from yesterday.
Today’s S&P500 Hourly Chart
It’s possible that “5” has already been hit at 2047 – and we are beginning our way down. It’s also possible that it hasn’t hit. So I have to be open to both possibilities with a slight inclination that 5 may hit overnight.
