S&P 500 - Where to now? (Update)
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December 11th, 2009 by AdvisorAnalyst
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Adam Hewison, CEO, MarketClub, takes a look at the S&P 500, discussing what comes next - will it collapse or take off higher? He shares these thoughts in his technical analysis video chart on S&P 500 here. Using the fibonacci retracement tool, he points out out that the key 50% retracement level from 2008 to the March 2009 lows is providing resistance for the S&P 500. Hewison’s videos are informative, and full of this seasoned trader’s wisdom. Click the image below to watch the video
“There’s no doubt about it, for the past four weeks the S&P 500 index has been trapped in a trading range,” says Hewison. “There’s a key level to (1083.54 pts) watch this week. If this level is broken, it will be a game changer for this index.”
Read more from the author/contributor here.
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