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!


Derrik Hobbs

dhobbs@symfinancial.com