CHART - 2
- Support line of the wedge is broken. Index is moving away from 50 DMA. But Falling wedges are considered to be bullish pattern, Since this pattern has given a break down in favour of bears, Bulls would hoping for a busted pattern.
CHART - 1
- S&P 500 is trading in a falling wedge pattern.
- Today a rally is going on towards the upper trend line of the pattern were it may find resistance. The resistance levels is about 1087-1089.
I think 1055 is crucial for bulls/bears. But given stoch is in OS, there might be a small popup.
ReplyDelete@golfdude
ReplyDeleteYes the popup if happens may not last longer. Sell on rallies will continue for some time
@everyone
ReplyDelete1055 as golf said is a good support area.
Below that 1050 may support the bulls for some time. Below 1050 correction may pick up speed