Important S&P 500 Bottom Could be in Place

On September 8, 2020, the S&P 500 (SPX) came within nine points of important Fibonacci support. Today September 9, 2020, several hourly SPX momentum indicators registered bullish signals.

For aggressive traders that hold positions from a few days to several weeks.  Buy non-leveraged funds that track the SPX on the open of the trading session 09/10/20 – 9:30 AM – EDT.

Use a move below SPX 3327 as a stop loss level for half of the position.

Use a move below SPX 3310 as a stop loss for the remainder of the position.

Please see the hourly SPX chart courtesy of Trading View.

Hourly Stochastic and MACD had bullish crossovers.

Hourly RSI had a bullish divergence.

Future posts will update the progress of his trade.