S&P broke 1015 for 1012, but this was a low tick, and then the market came higher once more. Today there is good resistance to 1028. This is from the 38% short term fib level. Short term charts are also calling for a move lower from here, so it would not be surprising to see 1015 / 1014 once more.
Here you are covering shorts. Re-sell a break of 1012 as this would see 1009/08 then as your immediate
objective. Again cover shorts to here. Now you only want to sell below 1008. A break of this support will see the short and longer term uptrend tested at 1001.60 and 1000 respectively. Cover all shorts on any such move lower.
Any shorts to 1028 are to be reverse above 1033. A break above here will see this come higher for 1038 to 1042 where would cover all longs, look to resell, keeping stops above 1044.
Currently the Dow has broken and held below the trendline. This level is located at 9500. Now however the short term 38% fib level is at 9487, and the longer term 50% fib is at 9484. This has been the high today. Short term charts are showing overbought since Friday's spike lower and this may well be enough to cap Dow at this fib and trendline resistance.
If this does hold the topside then you should look for a return to between 9336 and 9294. All shorts to be covered to here. Re-sell then a break of 92.70 for 9220, then possibly 9180/60. Sell into short term strength to 9487/9500 and keep stops on a break of 9502. If 9502 breaks then you should abolish shorts as the market will try and trade higher with 9565/73 then the short term objective. Here you are looking to cover all longs.
