Looking at the H4 chart, my overall bias for S&P500 is bullish due to the current price being above the Ichimoku cloud, and there is an upside trend line, indicating a bullish market. If this bullish momentum continues, expect the price to continue heading towards the 1st resistance at 4039.31, where the recent high is. In an alternative scenario, the price could possibly head back down to break the 1st support at 3888.39, where the 50% Fibonacci line is, before heading towards the 2nd support at 3764.49, where the recent swing low is.
thus, the buy entry is at 4024.06 stop loss at 3970.91 and the trade take profit at 4099.49.
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thus, the buy entry is at 4024.06 stop loss at 3970.91 and the trade take profit at 4099.49.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.