SPX500 Long Setup

SKILLING:SPX500   S&P 500 Index
$SPX500 Weekly Analysis (Long)

Based on the formed ascending channel , I believe price is currently in overbought territory, and as such it will retrace back down to the lower trend line . The zone of interest is between $4,646 and $4,710.

That is of course in case the price doesn't go through the highest high level ($4,815), in which case I will either be buying the breakout or wait for a pullback in order to open a long.

Those with higher risk appetite may decide to short the security down to the above mentioned level. I personally may do that, but I'm still waiting for some more solid confirmation

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