Markets

S&P stands on the edge of the cliff and does not jump

January low at 1812.29. Low today 1812.82. German Dax also close to the edge.

The January 20 low at 1812.29 is being looked at very closely today with the low for the day at 1812.82. Traders looked over the edge but did not jump. The S&P is trading at 1820 currently.

The low from October 16, 2014 at 1835.02. The low from Monday came in at 1828.46. Those levels will be close resistance and will be eyed for some relief from the pressure. Stay below and the market will remain bearish. Move above and there will be a sigh of relief.

A move below the 1812 level and it opens the door for further selling. The next major target comes at the 1729.82 level which is the 38.2% of the move up from the 2011 lows.

Meanwhile over in Germany, the Dax index also approached a key level. The 50% retracement of the move up from the 2011 low comes in at 8678.28. The low today reached 8699.29 before rebounding into the close.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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