S&P 500 for the week ahead
I was anticipating the price to break below the S1 support level on Friday(13th Nov) but the bulls held their ground and were able to close above the support level but still failing to break through the resistance.
There might be another attempt to break out of the resistance on Monday and even on Tuesday. Even a sideways consolidation will point towards an upcoming bullish trend.
Only if the price manages to break below the Support zone will the bearish case gain some momentum. The odds are in bearish favor but the investor euphoria to the vaccine news may still have some fuel left.
last week's move could be a bull trap same as the last leg down but again, to have a clear indication we need to observe the price action closely.
Technicals.
Bearish divergence on the RSI
Thank you for reading.
**Just an Opinion
There might be another attempt to break out of the resistance on Monday and even on Tuesday. Even a sideways consolidation will point towards an upcoming bullish trend.
Only if the price manages to break below the Support zone will the bearish case gain some momentum. The odds are in bearish favor but the investor euphoria to the vaccine news may still have some fuel left.
last week's move could be a bull trap same as the last leg down but again, to have a clear indication we need to observe the price action closely.
Technicals.
Bearish divergence on the RSI
Thank you for reading.
**Just an Opinion
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