S&P 500 breakouts have repeatedly failed
The S&P 500 has rallied along with other global indices in what is going to be the biggest week for earnings. We have a few central bank meetings to come too. But I just wanted to highlight something more technical in this report, which this - the failed breakout attempts.
If you look at what's been happening in this bear market, we are seeing continued failures of breakout attempts. Every time the markets have broken previous resistance levels, the bullish momentum has faded quickly, before the sellers have driven the markets to new lows.
This could be another such pattern. So, try not to get caught offside if you are long or bullish.
If you are bearish, it is best to wait for that trap to be confirmed again, before potentially stepping in on the short side.
Specifically, the level to watch is at 3806 - a decisive move back below could create another bearish formation, similar to the previous ones we have seen.
By Fawad Razaqzada on behalf of FOREX.com
If you look at what's been happening in this bear market, we are seeing continued failures of breakout attempts. Every time the markets have broken previous resistance levels, the bullish momentum has faded quickly, before the sellers have driven the markets to new lows.
This could be another such pattern. So, try not to get caught offside if you are long or bullish.
If you are bearish, it is best to wait for that trap to be confirmed again, before potentially stepping in on the short side.
Specifically, the level to watch is at 3806 - a decisive move back below could create another bearish formation, similar to the previous ones we have seen.
By Fawad Razaqzada on behalf of FOREX.com
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