S&P 500 Between 20 and 50 Day EMA

Today, I would like to take a closer look at what happened to the market specifically in S&P 500.  When you apply technical analysis by examining Exponential Moving Average (EMA), there was a break in 20 day EMA and is heading quickly towards 50 EMA at 1168.  My guess is that we will see S&P500 index reach 1168 sometime tomorrow.  What I don’t know is whether it will make another break or lose steam and retrace back towards 20 day EMA.  If S&P 500 were to break 50 day EMA as well, then look out for further sell off taking S&P 500 down all the way to 1130.  I would get out of Long positions as soon as 50 day EMA is broken.  However, if S&P 500 holds above 50 day EMA, then there most likely be a short rally towards 1190 range, a good opportunity to make quick short term trades (holding on to stock no more than 2-3 days).

I am looking to add more positions to FAZ at two conditions: if S&P 500 breaks 50 day EMA at 1160 range or if S&P 500 retraces to 20 day EMA at 1190 range.  I am becoming more confident that there will be another sell off in the stock market where it takes S&P 500 to 1040 range once again.  But if that were to happen, then it must first break 1130 and 1090 support levels.
Do you think we will see S&P 500 below 1100 mark or do you think S&P 500 will continue to rally above 1200?  What is your trading strategy?

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