S&P 500: It will soon have to choose its lane!
After a long weekend due to Labor day, the S&P500 has to reopen after a bearish week that has erased most of its progress the week before.
The current patterns show a bearish trend. If this trend is pursued the benchmark will have 1869 as an objective. If an inversion occurs. However, it has to break the orange trend, its fresh up trend, to do so. An inversion is only possible if the benchmark breaches 1947.76, as it would cancel the bearish pattern. In this case, 1975 will be the primary objective.
The Benchmark's daily Pivot Point is around 1926.73. Opening above it, would suggest a bullish daily trend, otherwise it would be bearish. The daily support levels are around 1905.7 and 1890.18. The daily resistance levels are around 1942.25 and 1963.28.
tradingview.com/x/L1UsU1tm/
The current patterns show a bearish trend. If this trend is pursued the benchmark will have 1869 as an objective. If an inversion occurs. However, it has to break the orange trend, its fresh up trend, to do so. An inversion is only possible if the benchmark breaches 1947.76, as it would cancel the bearish pattern. In this case, 1975 will be the primary objective.
The Benchmark's daily Pivot Point is around 1926.73. Opening above it, would suggest a bullish daily trend, otherwise it would be bearish. The daily support levels are around 1905.7 and 1890.18. The daily resistance levels are around 1942.25 and 1963.28.
tradingview.com/x/L1UsU1tm/
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