In the last SPX post, I started to doubt my bearish scenario of the index, by saying that the price looks bullish on the short term. Now that we've seen a short term pump to the resistance, I wanted to give an update.
Right now, the upper level of the resistance zone has been touched. This begs the question: Are we going to see a break of this resistance zone. If that happens, I find it extremely likely that the resistance of the channel will break aswell.
However, since we're at a resistance level, we have to be cautious about the following events. Right now i'll switch from bullish to neutral, because I want to see whats going to happen next.
Right now, the upper level of the resistance zone has been touched. This begs the question: Are we going to see a break of this resistance zone. If that happens, I find it extremely likely that the resistance of the channel will break aswell.
However, since we're at a resistance level, we have to be cautious about the following events. Right now i'll switch from bullish to neutral, because I want to see whats going to happen next.
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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.