This is an update from the previous analysis on S&P500.
The 2900 lvl resistance is quite strong, and the market drifted lower in the second half of trading.
The wedge pattern was broken down,
however, the supporting zone directly down below from 2730-2800 is also strong.
Both short sellers and long buyers should continue watching the 2900 and 2800 lvls to get an idea how market goes so as to increase position or to stop losses.
I personally still lean toward the short side given the fact that the market had gone up for 25%+ based on Fed saving everything and a overly positive outlook for economy and covid 19.
Again, this analysis is completely technical and it only provides the opinion of myself.
GL investing!
The 2900 lvl resistance is quite strong, and the market drifted lower in the second half of trading.
The wedge pattern was broken down,
however, the supporting zone directly down below from 2730-2800 is also strong.
Both short sellers and long buyers should continue watching the 2900 and 2800 lvls to get an idea how market goes so as to increase position or to stop losses.
I personally still lean toward the short side given the fact that the market had gone up for 25%+ based on Fed saving everything and a overly positive outlook for economy and covid 19.
Again, this analysis is completely technical and it only provides the opinion of myself.
GL investing!