Today we will share our view on the S&P500 CFD using the 4hs chart.
a) Currently, the price is testing a relevant support/resistance zone, there we want to see if the level will be broken OR if we will see a bounce there
b) In any of the two cases we have mentioned, we expect the price to bounce either on the support zone or in the ascending trendline
c) From there, we will pay attention to the breakout of the corrective structure's descending trendline.
d) We will develop long setups towards the all-time highs zone IF we have a clear breakout + a small corrective structure on the 30minutes chart
@TradingAxis, Thanks mate! We appreciate your comment. Have a great trading week!
ProjectSyndicate
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stock market is overcrowded with retail money right now.
I think next logical move is a 10% correction, a soft reset.
Let's see if the stimulus talks fail next few days, pretty sure
that there will be no stimulus until late November.
ThinkingAntsOk
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@ProjectSyndicate, Yes, that's the main driver right now. We share your view. It will be pretty difficult to have a new stimulus package before November. We always appreciate your comments, thanks.