S&P 500 Breaking Key Levels?
The S&P 500 is currently deciding which direction to head next now that it has
come back up to a previous support level which is acting as resistance.
Price moved back above the $4000 round number on July 27th with strong
bullish moves, but price has now slowed down at resistance at $4114.
If this level is cleared, the next level of resistance is the 200 simple moving average,
but remember that price still has the potential to decline again and form lower lows.
Because there is some indecision, we need confirmation that a trend is forming.
As the prior trend was bullish, we anticipate a continuation to the upside and will
start to take bullish positions once we see further moves to the upside.
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come back up to a previous support level which is acting as resistance.
Price moved back above the $4000 round number on July 27th with strong
bullish moves, but price has now slowed down at resistance at $4114.
If this level is cleared, the next level of resistance is the 200 simple moving average,
but remember that price still has the potential to decline again and form lower lows.
Because there is some indecision, we need confirmation that a trend is forming.
As the prior trend was bullish, we anticipate a continuation to the upside and will
start to take bullish positions once we see further moves to the upside.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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