Bullish Continuation Expected for S&P 500


Bullish Continuation Expected for S&P 500

S&P 500 broke out of its down trendline and then saw Sign of Strength (SOS), breaking above its resistance. 

With the bullish character, we expect the current short term demand>support situation to persist, trading towards 2850 resistance area (FIbo 61.80% area and previous support level. 

However, 1 sign of cautious is the volume. We like to see more volume as index trends higher. If volume remains at current rate, we may see trend reverse.

Disclaimer applies.

Popular posts from this blog

Eventful Week: FOMC Decision and Earnings Reports Headline Upcoming Week

Markets searching for technical support

Wyckoff's Law of Effort