The last 2 trading days trimmed $SPX losses following the first day of her testimony in front of congress.
The late rally created Pinbar pattern and double bottom (with 2 weekly Pinbars) just above the 200 weeks SMA.
$SPX is still below the resistance zone 1860-1880 so there's still potential downside risk for S&P500.. However, if the price will break above 1880 and later above 1900, most likely it will continue forwards towards 1950 and 2000 (final target level for the bullish pullback).
If it'll fail.. we will probably see another nose dive towards 1800 to touch the 200 weeks SMA before the next rally.
Tomer, The MarketZone
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The late rally created Pinbar pattern and double bottom (with 2 weekly Pinbars) just above the 200 weeks SMA.
$SPX is still below the resistance zone 1860-1880 so there's still potential downside risk for S&P500.. However, if the price will break above 1880 and later above 1900, most likely it will continue forwards towards 1950 and 2000 (final target level for the bullish pullback).
If it'll fail.. we will probably see another nose dive towards 1800 to touch the 200 weeks SMA before the next rally.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week goo.gl/lzjBAf
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Comment:
Approaching 1950 - First Target Zone
Comment:
Nice weekly price action. Close above 1900 was very important. 1950 still target zone goo.gl/KeeygH
Comment:
Final Target reached - Trade closed
