Market Commentary for January 17th - January 21st, 2016
Published on Jan. 16, 2016, 10:27 p.m. by Stockalyzer
Markets are oversold, but not as much as back in October 2008 or August 2011. So the question is: will it bounce from here to form a lower high somewhere around 1,900 level or will it continue lower?
Levels to watch on cash SP500 are 1,820 and 1,737 if it breaks lower. If it goes higher - resistance is at 1,993 (see the upper chart). But first it has to break out of the descending channel and form a higher high on the hourly chart. Watch closely 1,934 level for a breakout but this only if it breaks the mid channel where it's sitting after Friday's close.