SP500- I would not sell this resistance
It has been an impressive week for SP500, with the index rising more than 200 points (5%), but more importantly, a rise back to an important zone, that acted both as support or resistance in the past 2 years.
However, although the logic would dictate sell here, as the title says, I would not...
The reason for this is exactly the solid reversal that suggests buyers are very hungry.
From a technical perspective, the touch of this resistance could lead to a correction and this drop could offer us a good buying opportunity.
The gap from Wednesday to Thursday could be filled also, and in that zone, one should look for buying entries.
In conclusion, buy dips against 4150 with a target at 4500
However, although the logic would dictate sell here, as the title says, I would not...
The reason for this is exactly the solid reversal that suggests buyers are very hungry.
From a technical perspective, the touch of this resistance could lead to a correction and this drop could offer us a good buying opportunity.
The gap from Wednesday to Thursday could be filled also, and in that zone, one should look for buying entries.
In conclusion, buy dips against 4150 with a target at 4500
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