BULLISH SCENARIO - As the S&P500 failed to break below the neckline of a Head & Shoulder pattern, therefore the next bullish move will be to see if it closes above the next major Daily resistance of 2639.1 which price attempted to close above this level 3 times in the 6 days.
If it closes above that level it will complete a series of Higher High and a Higher Low which will indicate a very big change of trend on a Daily chart.
We will execute a Long once there is a Daily confirmation above 2639.1.
Take profit will be towards the next major resistance of 2822.2.
BEARISH SCENARIO - As the S&P500 failed to break below the neckline of a Head & Shoulder, therefore the next move will be to see if it closes below the 23.6% Fib level (2407.8).
We will execute a short once there is a Daily confirmation below 2407.8.
Take profit will be towards the next major support of 2184.7.
"All technical indicators are lagging indicator derived from price. So that tells me to just watch and understand price." Kaz
Team Fractal from the Kazonomics ecosystem signing off.
If it closes above that level it will complete a series of Higher High and a Higher Low which will indicate a very big change of trend on a Daily chart.
We will execute a Long once there is a Daily confirmation above 2639.1.
Take profit will be towards the next major resistance of 2822.2.
BEARISH SCENARIO - As the S&P500 failed to break below the neckline of a Head & Shoulder, therefore the next move will be to see if it closes below the 23.6% Fib level (2407.8).
We will execute a short once there is a Daily confirmation below 2407.8.
Take profit will be towards the next major support of 2184.7.
"All technical indicators are lagging indicator derived from price. So that tells me to just watch and understand price." Kaz
Team Fractal from the Kazonomics ecosystem signing off.