S&P 500 IndexUpdated SP500 at resistance zone
Thesis:
(1) Price is now at resistance zone (2740 and 2850) from trend line
(2) It is coincide with 50% Fibonacci bounce from bear market since 19 Feb to 23 Mar 20.
(3) Pin bar candle happen last thursday (9 april) suggests impending decision from market
Idea:
(1) If there is bearist candle in next followings day, it is chance of pull back. The pull pack to 2469 as 50% of current bounce.
(3) If 2469 break, market shall retest the 23 Mar low, bear still in control. If not then it create lower high and bull market resume.
(1) Price is now at resistance zone (2740 and 2850) from trend line
(2) It is coincide with 50% Fibonacci bounce from bear market since 19 Feb to 23 Mar 20.
(3) Pin bar candle happen last thursday (9 april) suggests impending decision from market
Idea:
(1) If there is bearist candle in next followings day, it is chance of pull back. The pull pack to 2469 as 50% of current bounce.
(3) If 2469 break, market shall retest the 23 Mar low, bear still in control. If not then it create lower high and bull market resume.
Note
Price approaching critical point 2875, there shall be consolidation at this area to see if trend revert down or continue to break up.
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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.