Since the recent low at 3500, marked by a huge bullish engulfing, with a long down tail and engulfing the previous 3 days, SP500 started to rise and, at the time of writing is trading exactly in 3800 resistance.
With a new bullish engulfing on Friday, the odds are in favor of a bottom, at least for now.
At this moment I see 2 bullish scenarios in SP's case:
1. A drop from this resistance and a test of the 3650-3700 zone before the resumption to the up move and a break above resistance.
2. A break above resistance without testing of support
In both cases, the target for bulls is the 4200 zone resistance
These scenarios are negated by a drop under 3550
With a new bullish engulfing on Friday, the odds are in favor of a bottom, at least for now.
At this moment I see 2 bullish scenarios in SP's case:
1. A drop from this resistance and a test of the 3650-3700 zone before the resumption to the up move and a break above resistance.
2. A break above resistance without testing of support
In both cases, the target for bulls is the 4200 zone resistance
These scenarios are negated by a drop under 3550
Note
SP500 broke resistance. 3780-3800 is now support.
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.