EmpowerTrader

S&P500 Could Fall Back to Test Key Support

SP:SPX   S&P 500 Index
The S&P500 index had a strong recovery last week as price surged from October lows. In which we saw the index gained by as much as 9%. Now price has been trading downwards ever since, indicating a pullback. In addition, there is also a sizable GAP that has yet to be filled back in October. Thus, look for a continued pullback before a another bull swing occurs.

Trade Step-ups:

Bearish Pullback: Price continue its move lower to fill in the GAP. GAP filled at 2680.00.

Bullish Reversal: Price rejects a break to lower support levels, look for a move to the topside of the channel.
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