My current thoughts on the S&P500
Given the approach towards major resistance around 2,815 (the lower highs off the top) and then 2,860, I believe we could be in for a pause if not reversal fairly soon. This has been a relentless rise since the December bottom without any real pause so when this rally ends it may not be just a gentle pullback (see action following Jan 2018 and Oct 2018 peaks following strong, lengthy moves).
In addition, there is a seeming rising wedge pattern which has formed over the past month. Watch for this to break the lower line to possibly signal that pause/reversal.
I also take into account that the momentum from the early 2016 low into Oct 2018 has been well and truly broken, and it should take more than a few months to truly regain a sustainable upside trend to new highs and beyond.
My current thoughts on the S&P500 Given the approach towards...
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Last
4,672.7 |
Change
33.200(0.72%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 4,639.5 | 4,672.7 | 4,638.7 |
| XTL (ASX) Chart |
