Bears and Bulls Sitting Pretty Idle
Still traveling sideways between support and reistance levels.
After a small breakdown last week, the S&P500 finished slightly above the 20MA and still looks to have fight left in it.
I've extended the uptrend to include candle wicks/tails, which I dont normally like to do. However, we can see the channel is still providing support. With one last run up to 2940 in it, the channel will no longer be in play if the price does not get above 2940 this time.
Heavy overhead resistance from 2940-3000 consists of previous highs (which the last run up was not able to break) and the 100 and 200MA's (not pictured).
Support below from 2700-2800 consists of a previous low, the very active 2800 level and the 50MA which will start to trend up over the coming 5-7 trading days, if the S&P500 continues at these levels.
If you are an active trade you will have done well to capatilise on the price action between 2800 and 2940 over the last few weeks. If you're not, then you should be watching closely to see which way the S&P500 picks.
As per my last chart and notes, i'm looking at a short position more on fundamentals than technicals. Hoping to see a break down through support levels before entering to maximise my chances.
After a small breakdown last week, the S&P500 finished slightly above the 20MA and still looks to have fight left in it.
I've extended the uptrend to include candle wicks/tails, which I dont normally like to do. However, we can see the channel is still providing support. With one last run up to 2940 in it, the channel will no longer be in play if the price does not get above 2940 this time.
Heavy overhead resistance from 2940-3000 consists of previous highs (which the last run up was not able to break) and the 100 and 200MA's (not pictured).
Support below from 2700-2800 consists of a previous low, the very active 2800 level and the 50MA which will start to trend up over the coming 5-7 trading days, if the S&P500 continues at these levels.
If you are an active trade you will have done well to capatilise on the price action between 2800 and 2940 over the last few weeks. If you're not, then you should be watching closely to see which way the S&P500 picks.
As per my last chart and notes, i'm looking at a short position more on fundamentals than technicals. Hoping to see a break down through support levels before entering to maximise my chances.
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