Notice on this chart how the S&P500 rebounded sharply after touching the dotted blue support line on my two graphs below.
S&P500 Charts with Resistance and Support
After taking profits in my positions when the market was hitting record highs, I started adding to my shares again this week with a new buy alert sent to my subscribers on Monday when this Ticker Sense chart indicated a possible low was close.
Ticker Sense sentiment is measured weekly and reported on Mondays so it often turns up AFTER a short-term bottom is made.
What do you think?
Will the market rally to a new high somewhere below the dashed red resistance lines on my top two graphs then make a bigger correction to the 200 day moving average?
New Feature for my Monthly Newsletter:
- You DO NOT NEED TO READ the complete newsletter each month. Starting with the November issue, I will write the new content in black with the content repeated from the past month in blue so you can quickly skip ahead to what is new each month.