Two Scenarios Could Develop This Week…
Last week the S&P 500 marked a critical swing high
point around 1150. With this swing high point identified at a key
Fibonacci price zone we have a couple of scenarios that could develop into this
week:
Scenario #1: Air Pocket
If SPX clears 1150
with a strong close on the day that its exceeded, then we are going to move
swiftly through an “Air Pocket†up to the next resistance “Fib zone†around
1170-1180.
Scenario #2: Test Support
If we have outlined
an intermediate high point, then the support zone that should be tested will be
1100-1110.
I’d be working my
swing and intraday game plans around these two short to intermediate scenarios.
 
Have a great day!
dhobbs@symfinancial.com