SPX500- Bulls could see some favorable movement

Since the recent low at 3500, marked by a huge bullish engulfing, with a long down tail and engulfing the previous 3 days, SP500 started to rise and, at the time of writing is trading exactly in 3800 resistance.
With a new bullish engulfing on Friday, the odds are in favor of a bottom, at least for now.

At this moment I see 2 bullish scenarios in SP's case:

1. A drop from this resistance and a test of the 3650-3700 zone before the resumption to the up move and a break above resistance.
2. A break above resistance without testing of support

In both cases, the target for bulls is the 4200 zone resistance

These scenarios are negated by a drop under 3550

Commentaire:

SP500 broke resistance. 3780-3800 is now support.