Potential Pullback Setup Remains on S&P 500
Today, the S&P 500 continued with its recent pullback. This pullback has developed into a complex a-b-c pattern on the 60 minute chart (see above right).
A long entry remains a viable option out of this pattern -- I'm thinking on a breakout above point b at 273.67 on SPY.
The only concern at this stage is that the higher 180 minute time frame is pointing to a slackening of momentum. MACD on that time frame is starting to angle down (see above left).
We'll need to see this change before taking a long position should S&P 500 attempt to break through 273.67 tomorrow.
A long entry remains a viable option out of this pattern -- I'm thinking on a breakout above point b at 273.67 on SPY.
The only concern at this stage is that the higher 180 minute time frame is pointing to a slackening of momentum. MACD on that time frame is starting to angle down (see above left).
We'll need to see this change before taking a long position should S&P 500 attempt to break through 273.67 tomorrow.
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