Weekly chart:
At the beginning of the week it still looked like the index would continue to slip downhill. Then, however, the price recovered, meaning that the chances are tending slightly towards the upper side once more.
Daily chart:
In the general economic situation, the index can currently be regarded as trendless. The downtrend was broken at 2121 points, but in order to establish the new uptrend, a new point two above 2127 points is required. It should be seen as positive, however, that we were able to overcome the two 20 LPs from the day and week. The way to the top now seems to be free once again. Nonetheless, caution is still advised.
Hourly chart:
In this trend size, we can see a young upwards trend that is currently located in the upper region of its last correction zone. If the S&P can stabilize here, the chances for a new upwards movement will increase.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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