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The US Stock Market has been recovering from a massive sell-off initiated back in October. We’ve been recovering for the past three weeks and have reached a turning point in the market. Here, we have two potential setups that could produce great risk: reward. My bias is further downside pressure.
As you can see, we have made a retracement into a very important zone, a key supply level. Confluence is king, and we have quite a bit of it for this trade. We are coming into the 50.0 Fibonacci retracement from the all-time high, along with the 61.8 Fibonacci retracement of our last impulse down from early December. Our final piece of confluence is the 50 EMA providing dynamic resistance.
Alternatively, if we break above the 2640 zone, we can expect to fall back into the previous range and see further upside potential.
What do you think? Is the US Stock Market going to continue its sell-off or are we recovering? 🤔