Looking at S&P 500 index chart we may spot that the market has been moving within an upward trend channel. The index accelerated after the resistance breakout at 3430. It seems that currently, this level could be a part of an important support area.
The second part of the mentioned support could be the lower limit in the main upward channel. It has been tested and defended perfectly by the market. It seems that only a strong breakout of the line with the mentioned 3430 could open a way to the lower levels.
If support is defended we may expect another rally to the previous top at 3550 pts.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The second part of the mentioned support could be the lower limit in the main upward channel. It has been tested and defended perfectly by the market. It seems that only a strong breakout of the line with the mentioned 3430 could open a way to the lower levels.
If support is defended we may expect another rally to the previous top at 3550 pts.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.