June 5, 2019

S&P 500 index: new rally or technical pullback?

- index recovered sharply from recent lows
- gain was 2%
- many people would look at this as double bottom buy
- support 2720

- now expecting strong resistance around 2820
- if the index cannot sustain above 2820, then new lows possible
- this will also create H&S pattern IF neckline breaks (2720)

Other factors:
- index lost 6.6% last month
- current bounce is from RSI 30 levels


No comments:

Post a Comment