Bullish technical conditions
S&P 500 Index
Technical conditions: The +5.7% price jump on November 10th could be viewed by technical analysis as a “Flag pole” since the recent seven day price consolidation (daily chart) suggests a “textbook” bull flag continuation pattern is forming. The bullish theme seems to be holding with higher tops and lower bottoms on price since finding support at the October 13th lows near 3,489. Current price 4,005 with resistance (1) spotted near the November 15th highs around 4,050 and resistance (2) near 4,100 (round number). Therefore, from a technical view, long positions could be supported for the short term (5-25 days) provided price can remain above the 3,865 support for upside potential at 4,050 and 4,100 in extension.
Technical conditions: The +5.7% price jump on November 10th could be viewed by technical analysis as a “Flag pole” since the recent seven day price consolidation (daily chart) suggests a “textbook” bull flag continuation pattern is forming. The bullish theme seems to be holding with higher tops and lower bottoms on price since finding support at the October 13th lows near 3,489. Current price 4,005 with resistance (1) spotted near the November 15th highs around 4,050 and resistance (2) near 4,100 (round number). Therefore, from a technical view, long positions could be supported for the short term (5-25 days) provided price can remain above the 3,865 support for upside potential at 4,050 and 4,100 in extension.
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