SP500 BULL ACCUMULATION
Hello!
I see SP500 has formed some bottom on 12H timeframe and closed beyond previous 12H High Point. Bulls are gaining more strength in this market, that has seen 3 weeks of countinious decline. It looks just about to swing higher.
Taking into consideration that previous weeks NFP data came out much stronger then forecast, about 330k new payrolls added to the economy tells of a strong labor market. This adds to the FEDs case to raise interest rates further and would be bearish for the SP500. This was not the expected market reaction, instead a small decline was followed by a steep increase and that is telling me bears are running out of steam.
Write in the comments what you think will happen next week!
I see SP500 has formed some bottom on 12H timeframe and closed beyond previous 12H High Point. Bulls are gaining more strength in this market, that has seen 3 weeks of countinious decline. It looks just about to swing higher.
Taking into consideration that previous weeks NFP data came out much stronger then forecast, about 330k new payrolls added to the economy tells of a strong labor market. This adds to the FEDs case to raise interest rates further and would be bearish for the SP500. This was not the expected market reaction, instead a small decline was followed by a steep increase and that is telling me bears are running out of steam.
Write in the comments what you think will happen next week!
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