Kartikey

A New Bull Market Is Born

In short term market is boucing back from oversooooold situation. However if you look at all time graph of S&P, you will notice that it got some support at 777 (50% retracement from all time high). Any major trend setter has 2 points of support/resistance (50% and 61.8% retracement). 50% as first line of defence and 61.8% as final chance to change the trend. SNP is yet to touch 61.8%, which is 600. Make or break of 600 will decide how SNP will be shaped. Also learned from MV that all BEARS have gave up around 60% retracement from all time high... in case of SNP it is 600 (60% of all time high- 1500)

my 2 cents...