This chart carries weight. Price is within a range but centered around 200 DMA. Means, neither bulls nor bears are confident. No easy way out unless and until this range is resolved by either of the parties. Once resolved, it might have strong bearing on other indices of the world.
US Index S&P500 broke below its rising channel and went for a retest in yesterday's pullback.
A weekly close below this channel may signal a correction in Equity markets all around the globe.
S&P 500 Index is trading near very important Fibonacci Level.
Which is exact half way of 1.618 and 2.618 Extension level.
We can see some divergence also..Which is very negative sign.
Lets see How US market will reply on FED EVENT
Breakout from the Symmetrical triangle target: 3050 levels.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
Considering the momentum, I will initiate longs above 2900, with an open target and trailing SL starting the trade with 2820.
Will keep updating further actions.
Hello,
we will see a tremendous increase to 3,000 points after the correction that has just begun ends in the green tradingbox you can see in the chart above. I think that the big correction since all-time-high is done as a triangle. Since then the bulls are laying the basis for new highs: 1-2 Elliott-wave impulsive setup (these setups are the basic pattern of...
Price rose in a rising channel since February 2018 on the support of 200 DMA -- strong uptrend. At present S&P500 is at the channel top and also reached the previous high. Double Top pattern in place. Generally such a pattern indicates to a crucial inflexion point. From here price can move either of the sides. As the trend is up, there can be some consolidation...
hi guys,
with all the turkey stuff going.. 2800 is the key level in SNP.. i want to share the multiframe view of it. i will upload the image of the same you can see for yourself.
