Weekly chart:
In this trend size, the price cannot really decide which direction it should take. The buyers and sellers are alternating in their predominance almost weekly. As long as no clear direction is present, the sideline would be preferable. Generally, however, we are still within an intact uptrend.
Daily chart:
The index in this trend size continues to be trendless. Although the downtrend was broken, the new uptrend was not yet able to establish itself. For this, a closing price above the current point two at 2125 points would be needed. Currently, the price cannot overcome the two 20 LPs from the day and the week either. As long as enough sellers are in the order book here, this should remain pretty difficult. This means that the possibility of a further falling price must be taken into account.
Hourly chart:
Due to the breakthrough from Thursday, the S&P transitioned back into a downtrend. Here, the market is currently in a correction, which went precisely to the 20 LP. Currently, the chances are more on the lower side. The non-farm payrolls that appeared today could certainly also contribute to the decision-making.
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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