I came in with a bunch of longs this morning, tried to trade around them but got stopped out within the first half hour. I’m back to actively trading, no more overnight risk until I see more clarity.
SPY support levels to watch: $123.22 is the low from 11/30. A major level to watch to buy the dip perhaps for those with longer time frames would be $121.50-122.45. The 50% Fibonacci retracement of the move from after Thanksgiving is $121.75, and the 61.8% Fib level stands at $120.43. The level that held during the last correction in the end of the Turkey holiday was the 61.8% retracement.
The level that held during the last correction in the end of the Turkey holiday was the 61.8% retracement ( this level was the last line in the sand)
Gold (GLD) is really heavy resolving the wedge we’ve isolated many times, it’s now below $162. The next big spot is $156-$157.
*DISCLOSURES: Scott Redler is flat
