Sublime_Trading
Long

The S&P 500 May Need A Breather

SPCFD:SPX   S&P 500 Index
Since the 20% decline up to December 2018, just after it seemed like doom and gloom for the
S&P 500 , the market has found its strength again and has climbed up from the low of December 26th
at $2,346 to its current price of $3,078.

This is an overall rise of 31% in just over 10 months.

With a gap and break above the major previous resistance level at $3,028 on October 28th,
price has looked active and shot even higher by the time it came to the end of last week.

As with most sprints, you eventually need some resting time before the next leg and Monday’s
candle closed with an indecision candle and may indicate some form of breather or pullback.

We can’t determine what price may do from one candle but usually, when price breaks through
a strong support/resistance area, we can expect a pullback sooner or later which is natural market behaviour.

Price may surprise us and continue to form bullish candles and we may not get a pullback
for some time which is why we always want to let price dictate the next move.

A pullback in the S&P 500 followed by another breakout to the upside will signify a continuation
of the bull trend and will offer plenty of breakout opportunities across the board.

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Patiently waiting for a continuation.
Reply
@zoldor, we want to reduce the chances of getting caught in a fake breakout so patience is a virtue here. Thanks for the comment.
Reply
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