New month highs for the broad index
The S&P index moved to new day and month excessive at 2613.08. It traded on the highest degree since December 14 (a month in the past). The value off the low additionally rose by 11.three% off the December lows. Nice stuff.
Technically, the pair has moved above the 38.2% of the transfer down from the 2018 excessive at 2573.61. Keep above is extra bullish.
On the topside, the pair is approaching some key overhead resistance outlined by the 50 day MA at 2630.99 and the 50% retracement at 2643.75. These ranges ought to give merchants trigger for pause – from a technical perspective. Each consumers and sellers can be anxious to see what occurs there.
With the worth down at 2608-10 in the mean time, we’re nonetheless 20-30 odd factors away from the degrees, however remember…..be ready.
For now, the corrective consumers stay extra in management above the 38.2% at 2573.61 degree.
Any nearer degree to assist outline threat/bias?
Drilling to the hourly chart beneath, the 50 hour MA is buying and selling at 2575.86 and transferring increased. That MA can be a better threat degree for longs (forward of the 38.2% degree on the every day). Additionally, since it’s transferring increased now, it can lag behind the worth, however give a degree to outline threat for the longs.