S&P 500 - break of Base Accumulation
On the intraday 1 hr chart , we can see the S&P 500 index is in a Rectangular Consolidation,
with price constrained between 5616 - 5636.
A false breakout occurred in the recent NY session ( Spring) , with high volume . This is a liquidity move and a bullish sign for this index.
We then see an impulse to the upside on low volume ( ie. low conviction with buyers).
Considering a price retracement now to the Fibonacci .618 - .705 level. From there,
price to break the consolidation to the upside with a measured move. This should be with high volume on the VSA to be confident of a true breakout.
with price constrained between 5616 - 5636.
A false breakout occurred in the recent NY session ( Spring) , with high volume . This is a liquidity move and a bullish sign for this index.
We then see an impulse to the upside on low volume ( ie. low conviction with buyers).
Considering a price retracement now to the Fibonacci .618 - .705 level. From there,
price to break the consolidation to the upside with a measured move. This should be with high volume on the VSA to be confident of a true breakout.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.