S&P 500 forms Bullish BAT Pattern, good to sell on rallies
Harmonic Pattern Formed- Bullish BAT Pattern
Potential Reversal Zone (PRZ) -2116
The index has pared its gains after making a high of 2081. It is currently trading around 2028.
Short term trend is still bearish as long as resistance 2116 holds.
The minor resistance is around 2040 and break above targets 2062(200 day MA)/2081/2106.Short term bullishness only above 2116.
On the downside major support is around 1990 (cloud bottom) and break below targets 1962/1940/1900.
It is good to sell on rallies around 2070-75 with SL around 2116 for the TP of 1993/1960/1940
Potential Reversal Zone (PRZ) -2116
The index has pared its gains after making a high of 2081. It is currently trading around 2028.
Short term trend is still bearish as long as resistance 2116 holds.
The minor resistance is around 2040 and break above targets 2062(200 day MA)/2081/2106.Short term bullishness only above 2116.
On the downside major support is around 1990 (cloud bottom) and break below targets 1962/1940/1900.
It is good to sell on rallies around 2070-75 with SL around 2116 for the TP of 1993/1960/1940