S&P 500 IndexLong
SPX hourly 26 Nov Sat
22 Nov Tue
Breaking past local resistance is sign of bulls strength. Compression on the left and no much excess means we have more or less clean way to top of the range.
24 Nov Thu
Yesterday price went straight up, there was reaction at the top of the range but very minor, indicating bulls strength. Positive FED minutes about decreasing rate hikes contributed to the rally.
Illiquid area on the left, easy to break trough. 4080 is coming. Since there is no trading toady and only limited on Friday price might not get there tomorrow but after the weekend. However open with a gap below and rally to 4080 also possible. Bearish scenario not out of the picture since we need conviction to blast through the illiquid area. Tomorrow might be slow day with retracement to first cluster down at 3980.
26 Nov Sat
Friday was a slow day, but price stayed above the local range, which is sign of bullishness and preparation for further rally. Bearish scenario with retracement to 3980 and bounce above the range still in play. However bias is more bullish that bearish.
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