Chicagostock Trading

Chicagostock Trading

Hourly SP500

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Since completing the 1422 target with highs of 1424.75, the SP500 has been in profit taking mode.  This action has led the market back down to test the top of its channel that was broken on the 3rd of August. Shaking of the tree is being seen as the market looks for support.  1385 is the next major support level, also coinciding with a 23.6% retracement of the 1262-1424.75 move.  This is where buyers must look to hold to show they are still in control and attempt the next leg up into 1441.  Stops below 1349.

For precise entry, stop, and target levels on day and swing trades along with updates, click here for more information

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