S&P500 is now at Uptrend but at risk to fall
S&P500 has started Uptrend move to 3,300 after it broke Resistance at 3,000.
However, in the short term (3-4 weeks from now), S&P500 is at risk to fall to the now Support at 3,000.
This movement is named Throwback and is very common after the asset has broken the Resistance.
Since the VIX is very low, I am more convinced of the S&P500's Uptrend. See VIX chart here :
That is why the potential fall (as Throwback) can be considered a good time to buy stocks.
Since Uptrend has strong case then I predict S&P500 will not move below Support at 3,000.
However, in the short term (3-4 weeks from now), S&P500 is at risk to fall to the now Support at 3,000.
This movement is named Throwback and is very common after the asset has broken the Resistance.
Since the VIX is very low, I am more convinced of the S&P500's Uptrend. See VIX chart here :
That is why the potential fall (as Throwback) can be considered a good time to buy stocks.
Since Uptrend has strong case then I predict S&P500 will not move below Support at 3,000.
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