S&P 500 Attempt to Test Previous High
Trend Analysys
Chart patern
2024-08-12T15:04:48+00:00
The Monthly S&P is currently overbought and has reached a 9 TD Sequential Sell signal, which has prompted a market pullback. On the Daily chart, buyers have emerged at the previous breakout resistance, now acting as support (Change of Polarity). The Weekly chart indicates that the overbought condition has been alleviated, presenting an opportunity for bulls to potentially extend the bull market. The Daily chart projects a profit potential of approximately 5-8% to the next Falling Window resistance area and highs. Specifically, the Daily TD Sequential displays a green 2>1, signaling a new long position opportunity. This is occurring during a breakout above the Falling Window resistance. Additionally, the 39-minute chart (equivalent to 10 Daily candles on the U.S. stock market) shows a close above the EMA 200, followed by a subsequent candle closing above the Window resistance. This setup provides an optimal point to initiate a new long position, with a stop loss set below the low of the window.
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