If at first you don’t succeed, try, try again.
I suspect that’s what S&P 500 bulls are contemplating when it comes to clearing the psychologically important 6000 level in futures—although this time may meet with more success than when last tested in late May.
Coiling within an ascending triangle pattern, and with bullish momentum starting to flick higher again, the ducks are starting to line up for a possible topside break.
If the price can pierce 6000 and take out the May 29 high, consider establishing longs with a stop beneath 6000 for protection against reversal. Some resistance may be encountered at 6100, although the obvious target for bulls will be to take out the record high set in February.
Should the price be unable to clear 6000 and break uptrend support running from the May 23 low, it would favour range trade down to support at 5740.
Good luck!
DS
I suspect that’s what S&P 500 bulls are contemplating when it comes to clearing the psychologically important 6000 level in futures—although this time may meet with more success than when last tested in late May.
Coiling within an ascending triangle pattern, and with bullish momentum starting to flick higher again, the ducks are starting to line up for a possible topside break.
If the price can pierce 6000 and take out the May 29 high, consider establishing longs with a stop beneath 6000 for protection against reversal. Some resistance may be encountered at 6100, although the obvious target for bulls will be to take out the record high set in February.
Should the price be unable to clear 6000 and break uptrend support running from the May 23 low, it would favour range trade down to support at 5740.
Good luck!
DS
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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.