S&P: Near its long term Buy Zone. Be ready to long.
The index is suffering the technical consequences of the 3,025 - 3,030 Double top earlier last month and is aggressively pulling back within its 1W Channel Up (RSI = 47.427, MACD = 35.000, ADX = 33.659) having crossed all 1D Support levels.
It is now approaching the Higher Low Zone (green) and the 1D MA200 which has always acted as a strong Support through out this bullish pattern. We are turning into buyers aiming at 3,000 - 3,025.
Attention is needed however and willingness to exit this trade if the 1W Support breaks. The reason is that will indicate that the Double Top was an official failure to extend the long term bullish trend and selling can escalate towards the 2019 Lows.
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It is now approaching the Higher Low Zone (green) and the 1D MA200 which has always acted as a strong Support through out this bullish pattern. We are turning into buyers aiming at 3,000 - 3,025.
Attention is needed however and willingness to exit this trade if the 1W Support breaks. The reason is that will indicate that the Double Top was an official failure to extend the long term bullish trend and selling can escalate towards the 2019 Lows.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
