Simple SPX Planning Levels to Start the Week March 28

Mar 28, 2016: 11:26 AM CST

As we start the new week of March 28, 2016, what simple planning levels are in play for the S&P 500?

Let’s see them and develop our plan based on these levels:

All complex analysis aside, our key focal points (levels) for the week are the following:

  • 2,020:  The 200 day Simple Moving Average and Thursday price pivot low
  • 2,060:  A Midpoint Pivot (from late 2015) and prior week’s high

We can thus develop a quick and easy plan based on these levels:

  • Play WITHIN the trading range while price bounces between these price pivots
  • Get ready to trade a breakout “away from” these reference points.

An upside breakthrough beyond 2,065 sets in motion a play toward 2,100 while a downside break under 2,020 sets in motion a play quickly toward 2,000 and 1,980.

Here’s the intraday chart for a bit more clarity:

Once again our simple reference levels include the 2,060 overhead high and the 2,020 price pivot.

The sell pathway opens under 2,020 and we reference this level as a support bounce pivot point.

Incorporate this simpler analysis into your own trading strategies and adapt in real-time.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “Simple SPX Planning Levels to Start the Week March 28”

  1. Simbad Says:

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