Trader_97

IS S&P 500 READY TO RESUME HIGHER ??

SP:SPX   S&P 500 Index
2
A FEW REASONS TO CONSIDER GOING LONG HERE.WE HAVE A NICE BULLISH ENGULFING CANDLESTICK WITH US YET TO CLOSE THE DAY.WE RETRACED 38.2% AND GOT A REVERSAL FROM THE 38.2% FIB LEVEL.TREND LINE SUPPORTS ALSO ALIGNING WITH THE AREA WHERE WE FOUND SUPPORT JUMPED BACK HIGHER.PRICES TRADING ABOVE THE 100 DAY SMA AND 50 DAY EMA .TREND LINE FROM SEPTEMBER 30TH REMAINS INTACT. HOWEVER MACD SEEMS TO BE SHOWING A CROSSOVER BUT STILL MOVING INSIDE THE BULLISH TERRITORY. I WOULD CONSIDER SHORTING WE BREAK BELOW THE 2019.50 AREA ABOVE 2058.56 LOOKING FOR A LONG SEEMS LIKE A GOOD IDEA AS WELL.

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