It looks like a bull trap is forming on the S&P.
There is a double bottom pattern that has formed and also the price is at two crucial supports
S1- 3200 ZONE
S2- 200 EMA/Trendline
It seems like the price is validating those supports and is making a reversal but I think that is not the case,
Volume is even lower than 29th Oct when the market rallied.
Be aware of taking long positions at this price.
The good part is we don't need to wait much longer to see if it's a bull trap or a reversal. Just a couple more trading days.
Thanks for reading
**Just an Opinion
There is a double bottom pattern that has formed and also the price is at two crucial supports
S1- 3200 ZONE
S2- 200 EMA/Trendline
It seems like the price is validating those supports and is making a reversal but I think that is not the case,
Volume is even lower than 29th Oct when the market rallied.
Be aware of taking long positions at this price.
The good part is we don't need to wait much longer to see if it's a bull trap or a reversal. Just a couple more trading days.
Thanks for reading
**Just an Opinion
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.