S&P 500 continued from Aug. 20.
MA and oscillators stand on buy from one day to one month.
RSI 21 around 50 and rising.
On volume balance neutral OVB.
There are some supports around 3908 and some resistance around 4310.
The index has broken up from a falling trend, but gone back and tested the trend line and then gone up in the last 3 days.
Within a possible outcome space, the likely outcome space is one of two.
One, the index will continue in a falling trend, but the trend will be less declining than the previous trend.
Two, there is the possibility of a trend turn. See chart, if we see that B3 is above B1 and T3 is above T1, then a trend reversal is considered confirmed. In the event of a trend turn, there will also be the possibility of an inverse head-shoulder formation.
The market is right volatile and the technical indicators can change rapidly. Consider index technically neutral for one to 6 months.
MA and oscillators stand on buy from one day to one month.
RSI 21 around 50 and rising.
On volume balance neutral OVB.
There are some supports around 3908 and some resistance around 4310.
The index has broken up from a falling trend, but gone back and tested the trend line and then gone up in the last 3 days.
Within a possible outcome space, the likely outcome space is one of two.
One, the index will continue in a falling trend, but the trend will be less declining than the previous trend.
Two, there is the possibility of a trend turn. See chart, if we see that B3 is above B1 and T3 is above T1, then a trend reversal is considered confirmed. In the event of a trend turn, there will also be the possibility of an inverse head-shoulder formation.
The market is right volatile and the technical indicators can change rapidly. Consider index technically neutral for one to 6 months.
