Hourly Chart Trading Range Levels Update Feb 23

Feb 23, 2016: 11:39 AM CST

Yesterday saw the S&P 500 trade up into the 1,940/1,945 upper resistance target and today the market fell lower from this target level.

Let’s update our S&P 500 intraday chart and note the key trade planning levels right now:

For the broader (Daily Chart) perspective, see yesterday’s S&P 500 Breakout or Range Update.

We noted the importance of 1,940/1,945 as our overhead resistance cluster target and the negative divergence (and flat price action after yesterday’s gap) tilted the odds to the downside for today’s session.

Indeed today’s activity began with an opening gap and – so far – sell-off down away from resistance.

The broader Hourly (intraday) Chart highlights our 1,810/1,820 lower support, the 1,945 upper resistance, and the 1,875 Midpoint levels.

Use these as focal points for price to move “toward” or “away from” on the shorter timeframes.

Whatever strategies you’re using to trade the market, focus on these key levels this week.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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