Indeks S&P 500Panjang
Looking for 2800
This is a classic failed breakdown setup.
After trading in a tight range, the S&P 500 finally broke under 2700.
If this were a weak market, we would have seen rollover and maybe gone to retest some support levels that were put in from the past few months.
Instead, the breakdown under 2700 was rejected as aggressive buyers stepped in.
When you see a failed breakdown, the odds are the market will run higher to test the next level of resistance.
For me, that's 2800. Many times when an obvious level of resistance exists, the stock or market will grind higher into that level. Why? Because sellers know where the resistance level is, and won't sell until we get there. It becomes self fulfilling.
A loss and hold of 2700 invalidates this bullish thesis.
After trading in a tight range, the S&P 500 finally broke under 2700.
If this were a weak market, we would have seen rollover and maybe gone to retest some support levels that were put in from the past few months.
Instead, the breakdown under 2700 was rejected as aggressive buyers stepped in.
When you see a failed breakdown, the odds are the market will run higher to test the next level of resistance.
For me, that's 2800. Many times when an obvious level of resistance exists, the stock or market will grind higher into that level. Why? Because sellers know where the resistance level is, and won't sell until we get there. It becomes self fulfilling.
A loss and hold of 2700 invalidates this bullish thesis.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.