S&P 500 Index: Checking Support Levels [SPDR S&P 500 ETF Trust, ProShares Ultra S&P500 (ETF)]

When planning, keep in mind that Wednesday is another “Fed Day” where additional volatile action could quickly develop.

We can see the broader structure as seen on the Daily Chart:

S&P 500 SPX SP500 Support Level Planning Technical Analysis Daily Chart

I drew the “Polarity Level” (1,770) with a blue horizontal trendline.

We’ll note the prevailing uptrend in price that has been threatened with a break and close under the 50 day EMA.

To play devil’s advocate, notice also the late August and mid-October instances where a similar thing occurred (break and close under the 50 day EMA) only to see buyers step in aggressively to trigger a ’short-squeeze’ event which continued the uptrend in motion.

In conjunction with other strategies you’re using, pay close attention to what happens this week – or today – with respect to the critical “Make or Break” 1,770 Price Polarity level.

This article is brought to you courtesy of Corey Rosenbloom from Afraid to Trade.

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