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.  

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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