chenb1981

The road blocks to the bulls in S&P

FX:SPX500   S&P 500 Index
The S&P has staged a strong rally after the buyer capitulation. It has shown the professional hands to us that there are plenty of willingness and ammunition to buy the market at the 2530 region. If the bullish leg were to continue, it would have to clear out the 2660 level where a bearish order block meets the 61.8 fib of the whole down move from Wednesday to Friday.
That is the level where technical sellers might emerge in spades.
After the level being cleared, the likely target for the bulls are the liquidity pool behind two swing points to take their profit.
Nicely done. From your chart, it looks more likely to tag 2580 before going much higher.
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