Thursday’s trading saw all major U.S. indices confirm an island top reversal pattern after the formation of an exhaustion gap on the 5th of June and a downside breakaway gap that confirmed in today’s trading. The S&P 500 also confirmed a bearish Belt-Hold Line candlestick.
The S&P 500 has now turned bearish from a technical analysis perspective. A close above the black bearish belt-hold line at 3130 should mean a resumption of the prior uptrend but for now, we look towards bearish price action to close the breakaway gap at the 2863 support level which formed on the 18th of May.
The S&P 500 has now turned bearish from a technical analysis perspective. A close above the black bearish belt-hold line at 3130 should mean a resumption of the prior uptrend but for now, we look towards bearish price action to close the breakaway gap at the 2863 support level which formed on the 18th of May.