Looking at Pullback to Enter Long on S&P 500
After moving through a key resistance level on Thursday's close (see link below to my previous post), the S&P 500 on Friday showed no signs of failing on that breakout. There was only a mild pullback as Friday's trading progressed -- the very mildness of that pullback suggesting that the uptrend from Feb. 9 remains firm and will likely continue.
Hence, I am looking at the current pullback as an opportunity to enter a long position on SPY. Previous resistance at around 272.36 now offers a support level. Just below that circa 270-271.50, we have dynamic support potentially with the confluence of the 20 and 50 EMA on the 60 minute SPY chart.
Hence, I am looking at the current pullback as an opportunity to enter a long position on SPY. Previous resistance at around 272.36 now offers a support level. Just below that circa 270-271.50, we have dynamic support potentially with the confluence of the 20 and 50 EMA on the 60 minute SPY chart.
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