S&P: Near its long term Buy Zone. Be ready to long.

٢ أكتوبر ٢٠١٩

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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