The S&P 500 has moved further away from last year’s low support level at $3662
which is proving to be a strong level to break.
There is now a long wick below June’s candle after price bounced hard off that
level, but will it be the start of the resumption of the bull trend.
May’s candle closed as an indecision candle with a long wick but price still exceeded
the low of May. A long wick does not guarantee a trend resumption but a pattern of
higher highs and higher lows on the daily timeframe suggests a possible trend resumption.
Price still remains below the $4000 round number so we have a monthly close above
this level which will further suggest price may continue to move to the upside.
As for now, the overall trend is bullish so we just need to wait patiently for signs of a
continuation on the lower timeframe as mentioned.
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If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
which is proving to be a strong level to break.
There is now a long wick below June’s candle after price bounced hard off that
level, but will it be the start of the resumption of the bull trend.
May’s candle closed as an indecision candle with a long wick but price still exceeded
the low of May. A long wick does not guarantee a trend resumption but a pattern of
higher highs and higher lows on the daily timeframe suggests a possible trend resumption.
Price still remains below the $4000 round number so we have a monthly close above
this level which will further suggest price may continue to move to the upside.
As for now, the overall trend is bullish so we just need to wait patiently for signs of a
continuation on the lower timeframe as mentioned.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
