S&P 500 - break of Base Accumulation
On the intraday 1 hr chart , we can see the S&P 500 index is in a Rectangular Consolidation,
with price constrained between 5616 - 5636.
A false breakout occurred in the recent NY session ( Spring) , with high volume . This is a liquidity move and a bullish sign for this index.
We then see an impulse to the upside on low volume ( ie. low conviction with buyers).
Considering a price retracement now to the Fibonacci .618 - .705 level. From there,
price to break the consolidation to the upside with a measured move. This should be with high volume on the VSA to be confident of a true breakout.
with price constrained between 5616 - 5636.
A false breakout occurred in the recent NY session ( Spring) , with high volume . This is a liquidity move and a bullish sign for this index.
We then see an impulse to the upside on low volume ( ie. low conviction with buyers).
Considering a price retracement now to the Fibonacci .618 - .705 level. From there,
price to break the consolidation to the upside with a measured move. This should be with high volume on the VSA to be confident of a true breakout.
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