S&P500's potential short-term support

SPX500

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.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.