Last month, the S&P 500 bounced off a significant support level in the form of
last year’s low at $3662, and this support has held strong ever since.
This month’s candle is looking healthy and bullish following that strong bounce,
and we now want to see this bullish momentum continue.
The $4000 round number is a psychological level of resistance and could force
price back down if it struggles to break through.
On the lower timeframe price has been making a pattern of lower lows and lower
highs, but if we see a break in the pattern then that would be the early signs of a
bullish continuation.
We are waiting for confirmation of bullish momentum, and then we will be ready
to start taking long positions once again as we have our watchlist prepared.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
last year’s low at $3662, and this support has held strong ever since.
This month’s candle is looking healthy and bullish following that strong bounce,
and we now want to see this bullish momentum continue.
The $4000 round number is a psychological level of resistance and could force
price back down if it struggles to break through.
On the lower timeframe price has been making a pattern of lower lows and lower
highs, but if we see a break in the pattern then that would be the early signs of a
bullish continuation.
We are waiting for confirmation of bullish momentum, and then we will be ready
to start taking long positions once again as we have our watchlist prepared.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
