At the last US trading session S&P500 had confirmed a BULLISH SHORT TERM PIVOT POINT REVERSAL within a MAJOR DOWN TREND suggesting a potential retest of the short term resistance zone over the coming trading days.
In Wyckoff Method, this short term bullish price action behaviour may also be seen as an end of Phase A ,of the potential trading range ( TR) which is likely to follow thereafter. Meaning a HALT/STOP to the downtrend at least on temporary basis.
In Classical TA this price action behaviour may be interpreted as a potential formation of a Double bottom.
In summary : Within a Major Down Trend which is likely to give way to a trading range with it’s boundaries as marked on the chart. Resolution out of this trading range over the coming days/weeks would determine the next potential direction, UP or DOWN.
Short term chart with a short term view.
Chart is Courtesy of StockCharts.com
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.