Big picture: The S&P 500 can transition into a supposed new movement after stabilizing, and is moving in the direction of the last high.
Daily chart:
In the course of this week, equalization of the downtrend was possible. This renders us currently trendless in this trend size. A setback to the 20 location point line would be healthy and desirable, and would considerably raise the chances for a continuation of the trend. Due to the strength of the market, however, a further, direct rise to the last high should also be reckoned with. Simply stick to the trends.
Hourly chart:
Thanks to the sharp rise of the last few days, the trading situation in the hourly chart has relaxed. The uptrend is intact; a correction would also be healthy and desirable here. But because of the strength of the market, whether it will actually happen must wait to be seen. Patience is the virtue of the hour, and can lead to success.
All the best,
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.