Major Pivot Right Here Will Predict Next Move
The markets opened sharply higher as fears subsided across the globe. European markets saw some calm and the U.S. indexes surged higher into the stock markets open. Since the 9:30am ET open, the markets have faded continually all morning long. As the lunch hour arrives, the S&P 500 is flirting with the flat line.
The couple hours will determine whether or not this market collapses over the next few days. The SPDR S&P 500 ETF (NYSE:SPY) fell to a low of $112.65. This was the master gap fill level from the close on Friday. If the markets break through the lows of Friday and close below, the market will ultimately have another leg down and retest the pivot double bottom at $110.25. Again, the current level on the markets is insanely key to whether or not the markets inch higher in the coming days or head to the lows from two weeks ago. This is the pivot point of pivot points.