S&P Holds At Support Once Again!

26 июн. 2020 г.

The FTSE 100 has displayed consistent strength since the low at $2191 in March 2020,
soaring up through the important 200 simple moving average. The 200sma was acting as
resistance but now appears to be holding as support.

This support level is clustered with the high from July 26th and the $3000 psychological
round number. This area was used as support earlier this month and is doing so once again.

What we want to see going forward is a bounce off this level and a move towards the current
all-time high at $3393.

This is usually the point when many investors sell their stocks as they become fearful of further
declines. This is why it is really important to understand how to read price action because you
want to avoid selling positions during pullbacks to support, only to see stocks move further in
the direction of the trend.

There are stocks performing really well at the moment such as Apple and Microsoft so we will
continue to enter into stocks such as these and profit from the current bull trend.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.