Instant Intraday Market Internal and Fibonacci SP500 Update into Key Level

Aug 13, 2014: 11:13 AM CST

Let’s take a quick look at our ongoing intraday Fibonacci Grid along with key Market Internals to plan potential price pathways going forward.

Here’s our intraday grid at the moment (note the key level):

We’ll focus like a hawk on the 1,950 index level.

Note the very slight Market Internal divergence into the 50% Fibonacci Retracement level officially into 1,948.

We’ll be cautious under this level and otherwise pro-trend reversal (bullish) above 1,950 to target 1,960 then beyond that.

A trigger-break under the 1,939/1,940 level could open an ‘alternate’ sell pathway toward 1,930.

For educational purposes, do note the lengthy positive Market Internal divergence that undercut the 1,910 support level – lengthy divergences often signal likely market reversals yet to come.

Continue focusing on the 1,948/1,950 level as today’s key intraday pivot.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

2 Comments

2 Responses to “Instant Intraday Market Internal and Fibonacci SP500 Update into Key Level”

  1. August 13 Intraday Stock Scan and Market Update | Afraid to Trade.com Blog Says:

    […] However, that tren dday failed into a “Rounded Reversal” and we’ll focus our attention on the 1,945 level and the higher frame resistance into 1,948 as I mentioned in this morning’s update. […]

  2. August 13 Intraday Stock Scan and Market Update — Trading Your Own Way Says:

    […] However, that tren dday failed into a “Rounded Reversal” and we’ll focus our attention on the 1,945 level and the higher frame resistance into 1,948 as I mentioned in this morning’s update. […]