S&P 500 Hourly in a Wave 2 Pullback of Downtrend
Friday's trading saw the S&P 500 go up, in the process initiating a wave 2 pullback of the downtrend that began on Feb. 27. This pullback offers the chance to enter on the short-side.
There is resistance just above where the S&P 500 closed on Friday (at 270 based on SPY). The short-term stochastics oscillator is entering into oversold territory. I'll be looking more closely for a short-trade set up to develop, though I'll be attentive to the possibility of this turning into a complex (i.e., a-b-c, or a-b-c-d-e) retracement.
There is resistance just above where the S&P 500 closed on Friday (at 270 based on SPY). The short-term stochastics oscillator is entering into oversold territory. I'll be looking more closely for a short-trade set up to develop, though I'll be attentive to the possibility of this turning into a complex (i.e., a-b-c, or a-b-c-d-e) retracement.
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