SPX$S&P 500(.SPX)$ at the 50% retrace today and q4 2020 resistance which should provide support.
I'm not a buyer here today but not looking to short either. See how it closes out the week. Remains a needle in a haystack environment
The buy zone labeled in the chart is my level of interest to get long.
- It's the approximate measured target for the weeklyH&Ssetup
-50% retracementfrom the covid low to the all time high (3550)
- 200 week moving average (see chart below)
- Horizontal support from September - October 2020
200 week moving average history since 1978:
In 2001 and 2008 price was not able to reclaim the 200 week moving average until after it dropped 35-45% below it. It's possible we see something similar in 2022-2023, so this isn't an obvious blind long. Risk always needs to be managed. I'll be watching for signals to buy on thedaily chartand manage risk from there.
For long term investors that have a simple DCA approach, the 3550 - 3200 area could be a decent spot to initiate a % of that $ allocation.
https://www.tradingview.com/chart/SPX500/gUkZdxdn-S-P-500-Buy-Zone/
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments