CapMoore

Failing To Turn Bullish Intraday. Possible Test of Yearly PP

FX:SPX500   S&P 500 Index
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Index has failed to close above the Kumocloud and was now
rejected by the Weekly PP /Kumocloud/Daily R1 confluence,
hinting a ST top may be forming. A close above 2045 is needed
to break the contraction and bearish trend (price below kumo).
Still, Monthly S1 has held support, suggesting further consolidation
or renewed upward trend. Oftentimes Index needs to test the
new Yearly PP before continuation, thus if price drops below
the Monthly S1, the 1968 level (Yearly PP ) is likely to be tested,
and should hold support, if medium term bullish bias will
continue to be favoured.