UYG short term bounce next week?
If you looked at my previous post I called for a break of support for S&P 500.
I didnt really set a target below but Matt Trivisonno had called this low back in October.
768.67 - Coming Soon to a Screen Near You … a screen about 18 inches in front of your face that is. 768.67 was the S&P 500 intra-day low on October 10, 2002. That was the day that the last bear market ended.
Since that Call was made almost 5 months ago and things have gotten even worse now.. I don't think the bear market will end here.
The interesting stock of the day is UYG
I have been looking at Fibonacci numbers lately and UYG has 2 targets which it hit. One was at $2.39 and the otheer at $1.95.
I loaded up at 2.43 with an idea of doubling down at 1.95 but missed the the boat.
If 1.95 is really a reversal zone there are a few projected upside targets. Probably strongest resistance will be at
$2.61 (38.2% fib value)
$3.05 (61.8% fib value) also that would fill the gap-down UYG had on February 17 which could mean UYG then is free to begin another leg down to -zero-.
If i were to be bullish on this ETF (which I am not at the moment) other resistances above are $3.37 and the extreme $4.29. I do not see these last 2 prices near term however.
Here is the chart to show you what I am looking at. Note: projected upside values are not shown. (Click to Enlarge)
Sources:
Matt Trivisonno (768.67-Coming Soon to a Screen Near You)