Off the Charts
This week the S&P was rejected right at the 100-day moving average and the initial measured move from the inverse head-and-shoulders pattern. That level also coincided with the 61.8% Fibonacci retracement level from the down move from April highs to June lows, and it gives us conviction to see multiple levels and indicators converge.
We could still see more downside action to digest the recent bounce. After that point we will look for stocks and levels to buy a dip....489 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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