Good morning Traders!
S&P 500
The market is in an uptrend on the Daily and the Weekly timeframes, and it is currently overextended from it’s Moving Averages on these timeframes.
Drawing the Fibonacci retracement of the latest Daily move, has the 50% retracement clustering nicely with the August 22 highs as well as the mid timeframes high. Another area of interest is the 4300 level, which is not only a psychological level but also a previous level of Resistance on this market.
I am looking for a pullback to either one of these areas, and for signs that the pullback is over in the form of a reversal setup.
Happy Trading!
