The S&P 500 continues to trend higher, supported by a strong rising wedge. However, I do think the bias is to the downside at the moment. Failed breakout of previous resistance around the 1850 area as well as weakening momentum are starting to provide traders with some concern.
A break of the 8 dma could lead to a test of trend line support around the 1825 area. If this level holds 1885 should be a good spot to look for in the intermediate term.
Traders, watch your levels and allow yourself to be flexible as price tells us where the next move is. This market still provides many opportunities, long and short so stay nimble.
A break of the 8 dma could lead to a test of trend line support around the 1825 area. If this level holds 1885 should be a good spot to look for in the intermediate term.
Traders, watch your levels and allow yourself to be flexible as price tells us where the next move is. This market still provides many opportunities, long and short so stay nimble.