Prior to last Friday's reaction during Non-Farm Payrolls, the SnP together with its counterpart indices has indicated a possible bullish direction. This is evident upon the examination of the structural integrity of the above mentioned assets. Structures created over a 14 day period, hints to an intention by market participants to seek higher pricing. Further to this, it was assumed that should the SnP provide additional indicative price behavior of bullish continuation that it would be ideal to look for longs. In the past 6 days we can see an established bullish continuation structure ranging in the outer parameters of the overall highlighted bullish shift in the asset. Last Friday's reaction in the market have presented a favorable opportunity and it is likely, from a technical and probabilistic perspective, that we may see an impulsive bullish move to the upside in the coming days/weeks.
Trade safely and best of luck!
Cheers.
Trade safely and best of luck!
Cheers.