Sp500 is having hard time to establish itself above 3500. Usually it moves between round numbers (psychological levels).
At the moment we seek bullish weakness under that level and price is likely to seek liquidity in deeper levels. Price is likely to cover this gappy low liqiudity bull ride.
If price builds a tag and accumulates above 3500 staying above for some time - it will move higher. At the moment no such signs.
We might be also forming M reversal pattern - as investors are puling money out of stocks before the election instability kicks in.
PS In general if sellers kick in SP500 can easily drop really bad - below March lows - as we witnessed very illiquid ride during last years.
At the moment we seek bullish weakness under that level and price is likely to seek liquidity in deeper levels. Price is likely to cover this gappy low liqiudity bull ride.
If price builds a tag and accumulates above 3500 staying above for some time - it will move higher. At the moment no such signs.
We might be also forming M reversal pattern - as investors are puling money out of stocks before the election instability kicks in.
PS In general if sellers kick in SP500 can easily drop really bad - below March lows - as we witnessed very illiquid ride during last years.
Trade closed: target reached