S&P short term analysis
January 13, 2014
Using Forex Signals
January 14, 2014

TREND : DOWN

VIEW : Bullish

Important price levels : 1808-1798-1836-1844

As per our analysis yesterday we warned that a sharp decline could lead to the 38% Fibonacci retracement if 1832 was broken. The short term trend is down. However the form of the decline from the all time high at 1848.64 is corrective and I believe that yesterday we completed the third wave down of the correction. My expectations are now to see another new upward impulsive move to new all time highs.

spx60m

However I notice in the volume by price indicator the big volume column near the top of the recent move. This is the only worrying sign that could justify a further downward move towards 1800. For more help trading this index become a member today.

As always, thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.