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

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November 2, 2017 6:04am NYSE:IVV

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.

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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.

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