$SPX500 Weekly Analysis (Long)
Based on the formed ascending channel, I believe price is currently in overbought territory, and as such it will retrace back down to the lower trend line. The zone of interest is between $4,646 and $4,710.
That is of course in case the price doesn't go through the highest high level ($4,815), in which case I will either be buying the breakout or wait for a pullback in order to open a long.
Those with higher risk appetite may decide to short the security down to the above mentioned level. I personally may do that, but I'm still waiting for some more solid confirmation
Based on the formed ascending channel, I believe price is currently in overbought territory, and as such it will retrace back down to the lower trend line. The zone of interest is between $4,646 and $4,710.
That is of course in case the price doesn't go through the highest high level ($4,815), in which case I will either be buying the breakout or wait for a pullback in order to open a long.
Those with higher risk appetite may decide to short the security down to the above mentioned level. I personally may do that, but I'm still waiting for some more solid confirmation