There are many Bullish fundamentals (companies reporting great earnings) supporting the market where it is today. However, a corrections can still ocurr as mostly emotions drive the markets, and not logic.
From a trend analysis, currently the SP 500 is stuck in a wedge pattern, but if it springs up, it will follow a BULLISH uptrend channel....if the first Support (S1), however, does not hold we may possibly officially enter a market correction.
Let me know your thoughts!
From a trend analysis, currently the SP 500 is stuck in a wedge pattern, but if it springs up, it will follow a BULLISH uptrend channel....if the first Support (S1), however, does not hold we may possibly officially enter a market correction.
Let me know your thoughts!
Comment:
As you can see, the SP 500 R1 has turned into a Support, meaning we have bullishly broken out of the Wedge and it is safe to say we are in an Uptrend Channel headed to the next Resistance band.