As expected, the S&P 500 has reacted to the daily 200 simple moving average
which is acting as resistance.
Basic indicators such as the moving average can tell us before the fact where
price may struggle and potentially reverse.
This move is not a reversal at the moment, a barrier has been formed, and it
will just take the buyers a bit more effort to break above this level.
We have seen some bullish impulsive moves recently, and if the long-term trends
are still intact, then the 200 sma should be broken soon, and then we want to
see price go on to create new all-time highs. Patience for now, but we may soon
be looking for buying opportunities again.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
which is acting as resistance.
Basic indicators such as the moving average can tell us before the fact where
price may struggle and potentially reverse.
This move is not a reversal at the moment, a barrier has been formed, and it
will just take the buyers a bit more effort to break above this level.
We have seen some bullish impulsive moves recently, and if the long-term trends
are still intact, then the 200 sma should be broken soon, and then we want to
see price go on to create new all-time highs. Patience for now, but we may soon
be looking for buying opportunities again.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
