Thursday, January 21, 2016

Bottom Or Not?

After a +10% decline in the S&P-index, most people are anxious to know if the bottom is in or not. Short term, the market is due for a bounce. A dead cat bounce? Who knows... 1800 is a very important support. If that breaks, look for 1500-1600 next. If we go higher from here, 2000 is the big resistance everybody will be watching. Here a 4h-chart, take a good look at recent volumes. Lots of people trading for a bounce here imho.

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