Based on trading range targets and and resistance at the top of the trend channel line, profit taking and short positions may be taken round these levels round 2480.0. if the S&P gets up here the likelyhood of testing 2500 is a real possibility. The S&P could then test the bottom of the shorter term channel and may even go further to test the bottom of the long term channel.
with the market being as strong as it is at the moment, and at the top of its channel shorting can be a risky strategy. i will be watching these levels closely for the bears to show some strength before considering a short position. At the moment any attempt by the bears have been bought by the bulls.
with the market being as strong as it is at the moment, and at the top of its channel shorting can be a risky strategy. i will be watching these levels closely for the bears to show some strength before considering a short position. At the moment any attempt by the bears have been bought by the bulls.
Comment:
profit taking at 1st target. not enough bear strength to create reversal. still in bull channel, should head towards next target this week at 2480 and 2500 likely in the next few weeks.
Comment:
today the bears want a close below the 21ema. tommorow I would expect the bulls to buy below todays big bear trend day, to continue the move up to 2500. we are also nearing the end of the month and the bears are attempting to get a bear reversal candle on the monthly chart. We are currently pulling back to the weekly moving average which sits at around 2374. The bears need follow through selling tomorrow to create a sucessful reversal. 2500 will have a magnetic pull, and bulls will be trying to get there.