In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we see the S&P 500 below the 200 day moving average again and we discuss what this means for the markets.
We understand the pressure the trade war rhetoric and the bearish moves in the Bond markets are having on the US Equities. However, from a technical perspective, we have now seen a couple of very important pieces of price action.
Firstly, we have seen a bearish break below a structural low around the 2800 level. More importantly, yesterday’s price action effectively bounced off the 200 day moving average. This is a very important indicator in this market. This lever can become a level of support. However, if prices break below the 200 day moving average and below the daily low of 2766 then we can expect continued selling. Therefore, this would be a high probability trade to the downside.
S&P 500 Below 200 Day Moving Average Again – Full Video Analysis
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