We have seen sideways action, ever since falling into correction territory. At first sight, it does appear to be showing weakness, as the rebound was a lower high. However, we can see the current support level is extremely resilient, and could serve as a spring board for better days. Additionally, the S&P500 is currently creating bulling triangly, which if we are able to breakout of, the sky is clear to go back all time highs. However, I do warn that if the current floor is broken, all hell is lose.
Trade setup:
Buy @ the break of the descending resistance line.
RtR: 2 to 1
I rarely make S&P500 idea posts, but when I do I am usually correct. Not to jerk my own boat, but to serve as a floor confidence. If you dont believe me check out my other posts.
Trade setup:
Buy @ the break of the descending resistance line.
RtR: 2 to 1
I rarely make S&P500 idea posts, but when I do I am usually correct. Not to jerk my own boat, but to serve as a floor confidence. If you dont believe me check out my other posts.