How Much Could The S&P 500 Pull Back? (IVV)

Share This Article
November 2, 2017 6:04am NYSE:IVV

interest rates bonds 600X300

From Corey Rosenbloom: Will we get our expected retracement? Let’s chart the course and update the plan for the S&P 500 right now.


Chipotle CMG

With price extending to a new all time high on this morning’s gap-up, we have a clear scenario.

Traditional odds do favor a pullback/retracement “down away from” the upper Bollinger Band® “back toward” the rising 20 day EMA like we saw in late October.

However, our alternate thesis is the ongoing “bullish short-squeeze” without a retracement which would trigger on a firm breakout beyond 2,580.

In the alternate scenario case, we must ignore all aspects that keeps us logically cautious and bearish – and play the market up toward 2,600’s target.

Take a closer look at the intraday activity and plan your next trade(s) in terms of the departure from the upper Bollinger Band® and 2,580 price pivot.

Stay tuned as we continue to give you more daily updates and market commentaries!

The iShares S&P 500 Index ETF (IVV) was unchanged in premarket trading Thursday. Year-to-date, IVV has gained 16.25%.

IVV currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #2 of 126 ETFs in the Large Cap Blend ETFs category.


This article is brought to you courtesy of AfraidToTrade.com.


Read Next



Get Free Updates

Join over 50,000 investors who get the latest news from ETFDailyNews.com!

Most Popular


From Our Partners


Explore More from ETFDailyNews.com

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again!

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories