Video: Two Technical Levels Collide Overhead in the SP500
Adam Hewison released a thought-provoking video yesterday entitled “Two Major Technical Levels are About to Collide in the S&P 500 Index.”
It’s an interesting and ‘larger picture’ style take on the S&P 500, noting an overhead descending trendline (which I missed drawing! I miss some of the things that are so simple – Adam is very helpful in pointing those out in his analysis videos) and the 50% Fibonacci retracement – both of which converge overhead at 1,125.
Here’s an image from the video:
(Image links to the video page)
In a 5-minute video, Adam covers an overhead trendline, Fibonacci retracements, and cycles (noting that October 11th – the 2 year anniversary of the 2007 peak – is just around the corner).
In introducing his video update, Adam writes, ”
The S&P 500 has seen remarkable recovery from the lows that were seen earlier this year. However, all of that may come to an end as we fast approach a strategic level for this market. There are two major technical indicators that are colliding at a crucial point and time. Unless you’re aware of these indicators, it could be very expensive.
In todays short video, I explain both the technical indicators we are discussing and also the important time frame that we are just about to enter.”
That’s why I enjoy these videos – Adam covers simple points in quick fashion… in a video format as well.
Thanks to Adam and staff for making these videos available to us.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade