S&P 500 Daily Chart Analysis 13/02/2016.

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



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