S&P 500 IndexUpdated SP 500 is at important supply demand zone
Continuous up trend is finally broken at 1st of May and now price is in a demand zone (previous supply). Second good signal I see price is shaping a possible head&shoulders.
On the other hand, in the last hour price shows a rejection, so if demand area will throw the price to north we should wait next visit to the zone for possible breakout. Another thing to watch is that if price will complete this nice h&s pattern.
On the other hand, in the last hour price shows a rejection, so if demand area will throw the price to north we should wait next visit to the zone for possible breakout. Another thing to watch is that if price will complete this nice h&s pattern.
Note
Head and shoulders pattern is shaped. Today's bar is a test of neckline probably and I would expect it to turn south after that
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.
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.