SP 500: Possible Cradle

Last week, prices were well sold at the 21 EMA . This indicates that the bears still have control.

An interesting possibility is that prices could hit a Cradle point formed by a confluence of the Triangle boundaries. This point is also reinforced as the lower boundary of a possible larger channel. This mythical point in space and time could present as very powerful buying opportunity. For now, the burden is on the bulls to prove themselves.

With the US elections hanging in the balance, we should see players take sides in the lead-up. A choppy trend could develop which will either be confirmed or negated by the outcome.

I'm bullish-biased with a short-term neutral/ bearish outlook.


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