Telegram Trading

The below assessment is provided under the disclaimer at http://TSP.Live/trading-content-disclaimer/. Always consult with a licensed financial professional before trading.

Assessment: The Fitch downgrade of US debt is the excuse for the selling, but the reality is there just wasn’t any reason to buy. People now have a reason to lock in profits and that’s what they are doing. The question will be how low this selloff can go. We have support at SPY $450, but it is not technical support…just round number support. So, sometimes that is a speed bump more than anything else. Bulls have the ball at $455, and bears will finally be showing something if they can break $450. I lean to the bulls because the technicals are so overbought and showing so many bearish divergences, but the bulls have surprised before.

Good luck in your trades!