Where could the S&P be drawn to ?
The weekly and daily have shown indecisive behavior given the compressed ranges. This week has shown to be more effective to trade off the smaller time frames and this may be still the case if no breakouts occur or we continue with the same action. However, new bullish momentum has entered into play here as is noted on the 4hr and 1hr charts - we are now to the highs of the higher timeframe range raising the possibility of a breakout into new highs.
We traded into a supply zone today at 2110 that was respected and offered close to 3:1 reward to risk - there could still be some selling pressure at this level but the better opportunity is at the 2115 - 2119 level - this is the apex of the current trading range. The current momentum seems to be on the upside so it more advantageous to enter at selloffs to demand areas.
We traded into a supply zone today at 2110 that was respected and offered close to 3:1 reward to risk - there could still be some selling pressure at this level but the better opportunity is at the 2115 - 2119 level - this is the apex of the current trading range. The current momentum seems to be on the upside so it more advantageous to enter at selloffs to demand areas.
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