S&P500's potential short-term support

Russell Shor, CFTe, MFTA FXCM

The above chart shows hourly price action. Key support may potentially be at the confluence of factors including the S2 pivot level, price congestion support (green rectangle) and the 38.2% Fibonacci retracement level. The stochastic has also started moving up from potentially buyer friendly levels (green ellipse). A pullback in the SPX500 may provide a “buy the dip in an uptrend” opportunity.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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