S&P 500: Recent ventures below 5900 have not last long
Recent ventures below 5900 have not last long, as demonstrated by the string of long downside wicks on the dailies in November and December. With a pin candle printing Monday following a bounce off 5808, a close above 5900 on Tuesday would generate a bullish setup heading into Wednesday’s inflation report.
If the price can push through 5900, longs could be established above with a tight stop beneath for protection. The 50-day moving average and downtrend running from the record highs are two potential targets.
Of note, RSI (14) has broken its downtrend, hinting bearish momentum may be starting to shift, although the signal is yet to be confirmed by MACD which continues to trend lower.
Good luck!
DS
If the price can push through 5900, longs could be established above with a tight stop beneath for protection. The 50-day moving average and downtrend running from the record highs are two potential targets.
Of note, RSI (14) has broken its downtrend, hinting bearish momentum may be starting to shift, although the signal is yet to be confirmed by MACD which continues to trend lower.
Good luck!
DS
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