Equities breaking out towards the UPSIDE??
Last week the S&P500 Index fell back to the 3915 minor support region but reverses on Friday to trade back to the descending trend line.
Index short term bullishness remains intact and as mentioned previously, it will be confirmed when the descending trend line is broken through. It is likely that the descending trendline will be invalidated soon with the ongoing rumour of potential 25 basis point hike for the upcoming FOMC.
However if the rate hike expectation do not meet expectation, it will only be wise to short when the index broke past the 3752 support.
Index short term bullishness remains intact and as mentioned previously, it will be confirmed when the descending trend line is broken through. It is likely that the descending trendline will be invalidated soon with the ongoing rumour of potential 25 basis point hike for the upcoming FOMC.
However if the rate hike expectation do not meet expectation, it will only be wise to short when the index broke past the 3752 support.
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