October 14 Chart of the Day - S&P 500
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
The S&P 500 futures (ticker /ES) are making fresh new all time highs (ATH) again today...
A frequently asked question we get is "high how can the markets go?"
The simple answer is "nobody knows with any certainty but basically the markets can go as high as they want to..."
Whenever price is at or near all time highs the only two price action tools we can use to estimate upside targets are Fibonacci and Trend.
On the monthly chart we can see that the -23.6% and the 161.8% Fibonacci extensions have already been reached on this bull Fibonacci.
The remaining -61.8% Fib extension at 6436.22 is technically still in play however, there's no guarantee that price will make it up that high but if it does it's not likely to be a straight shot.
*Note - these upside levels are representative of potential targets, they are not predictions, and are not intended as levels to short.
Monthly Chart
Learn the top strategies for trading all time highs and managing risk
(This is a FREE webinar replay, no registration and no credit card required)
As you and many other traders with ambitious income goals may have noticed several equities and indexes are at or near their tops.
This Market Insights webinar was previously recorded however now that we're again at or near all time highs the principles and strategies remain exactly the same!
Trading all time highs can be a risky proposition unless you know how to use and apply two specific price action tools covered in the presentation because there is less historical data available at these levels.
Join ChartPros for this informative and potentially money making/saving webinar replay to help boost your trading confidence, consistency, and trading results.
Must Know Topics Covered in this 1-hour Briefing:
- How to estimate upside targets
- How to identify lower highs
- How to preserve your capital
- And other valuable tips to help you create charts like this S&P 500 futures (/ES)
BONUS: Get Your Free Fibonacci Guide For Estimating Upside Targets On ANY Chart!
