The low that we made in the S&P futures on September 26th represents a pivotal support level for short term traders. The reversal that started on Friday failed to break the high on September 14th. The NASDAQ, which usually leads the way for equity markets, had an even more violent reversal candle on Friday. This could be the start of a larger consolidation phase. The break of the September low last night should caution traders to the possibility of a 5% correction into late October. If the market recovers above 1450 another try at breaking new highs is not out of the question giving way to a price target of 1500. Stay Nimble!
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Series 3 Licensed
Matthew started his career trading his own account focusing on the currency markets. After graduating from Northern Illinois University he worked as a Market Strategist for MF Global. Matthew joined RJO Futures in February 2012..... Read More