S&P Printing a Bull Flag
S&P is still long term bullish in my opinion. We remain in a strong uptrend that is yet to be broken, 200 day MA has acted as support during this consolidation period, and we are currently trending above the 50 day MA. I don't think we will see a death cross so long as we continue up from here.
I am anticipating a breakout from this flag with a target of around d 2900. The NAS100 printed a similar bull flag which lead to breakout to the upside, and I think there's a good chance the S&P will follow. A breakdown would be OK as long as the 200 day MA can act as support again, at which point I would be a buyer.
I am anticipating a breakout from this flag with a target of around d 2900. The NAS100 printed a similar bull flag which lead to breakout to the upside, and I think there's a good chance the S&P will follow. A breakdown would be OK as long as the 200 day MA can act as support again, at which point I would be a buyer.
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Bull Flag Trade I made with GOOG recently:
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NAS100:
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Longer view of the channel for the S&P:
Trade active
Breaking out.
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Looking like we are on target, first point of resistance is around 2800, and after that we should be clear to reach ATH's again. At this point I will be taking out some profits but will keep a good amount in the S&P -0.03% for the next few weeks/months.
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Little bit of a pull back but finished on a Bullish Hammer candle. Still on target.
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Getting bit of a pullback here, but overall I am still anticipating reaching the target.
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