Hello traders everywhere. As the slide to lower levels continued on Wednesday, I couldn't help but notice that these current levels looked familiar to me, so I did some investigating. I started by looking at yearly charts for the three main indexes, and it became quite clear as to why those levels looked familiar. As it stands, the S&P 500 is only 19 pts away from the opening of trading on Jan. 2, 2018 where it opened at 2,683.73, currently trading around the 2700.00 level. The DOW is only 180 pts away for it's yearly open at 24,809.35, currently trading around the 25,000 level. Meanwhile, the NASDAQ has quite a bit more room between its current trading levels at the 7,200 range and its yearly open of 6,937.65 or 332 pts. But the way it's been getting hammered lately case in point today, it won't take long for it to reach that level if the slide continues.
Does this mean that all of the record highs that we've seen this year are all for naught?
Key Levels To Watch This Week:
- S&P 500 (CME:SP500): 2,894.83
- Dow (INDEX:DJI): 26,951.81/24,077.56
- NASDAQ (NASDAQ:COMP): 8,107.38
- Gold (NYMEX:GC.Z18.E): 1,222.80
- Crude Oil (NYMEX:CL.Z18.E): 69.84
- U.S. Dollar (NYBOT:DX.Z18.E): 94.47
- Bitcoin (CME:BRTI): 6,637.89