Overview: the S&P 500 could start a new movement.
Weekly chart:
The S&P 500 has suffered considerable setbacks since the last high at 2133.7 points. After the very poor start to the week, the index now appears to be recovering. Thanks to the shortened trading week, a positive weekly candle can remain, providing the go-ahead for a new movement.
Daily chart:
Due to the devastating weekly chart and the resulting gap, the upwards trend was unfortunately briefly broken. This renders the market trendless, for the time being. Up until now, the market has been attempting a countermovement, but at approx. 2090.8 points it will hit the 20 location point line from the weekly chart. This may lead to increased interest in selling. If, however, this barrier can be overcome, then the way to the top seems to be free once more.
Best regards,
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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