The last week was very bullish for SP500. We went broke 50EMA, which is now a support and it looks like we will test 200EMA resistance at 4140-4180. It is also 50EMA resistance on weekly chart.
Although on 4H chart the market is oversold, I believe we will try to reach 4140-ish in the next couple of days, maybe a week. I don’t believe current economy situation will push this market much higher.
Will we test recent support or reach new lows that remains to be seen.
SP500 is not as volatile as NASDAQ, so be patient.
Although on 4H chart the market is oversold, I believe we will try to reach 4140-ish in the next couple of days, maybe a week. I don’t believe current economy situation will push this market much higher.
Will we test recent support or reach new lows that remains to be seen.
SP500 is not as volatile as NASDAQ, so be patient.