S&P500: Taking a breath, after the breakout, or inverting?
The S&P500 closed in the red after the Fed's decision. Opening with a bearish gap will suggest yesterday's pattern to be a shooting star, which means the benchmark may enter a bearish market with 1952.18 as an objective and 1975.96 as a primary objective.
The trend will be an uptrend if the benchmark opens above 1995.33, rejecting the shooting star figure. In this case the objective will be 2026.11. The uptrend will be rejected if the benchmark cuts through 1986.73, which will send the benchmark back to 1975.92.
We can also observe an ascending triangle. Today's movement can be considered as the breakout signal. The target of the triangle is 2055.85, 2026.11 being its primary objective. The triangle figure will be rejected, should the benchmark cut through 1952.18, which will open the way towards testing 1920.4.
The benchmark's daily Pivot Point is around 1999.26. Its daily support levels are around 1977.66 and 1965.13. Its daily resistance levels are around 2011.79 and 2033.39.
tradingview.com/x/uC6UIjfb/
The trend will be an uptrend if the benchmark opens above 1995.33, rejecting the shooting star figure. In this case the objective will be 2026.11. The uptrend will be rejected if the benchmark cuts through 1986.73, which will send the benchmark back to 1975.92.
We can also observe an ascending triangle. Today's movement can be considered as the breakout signal. The target of the triangle is 2055.85, 2026.11 being its primary objective. The triangle figure will be rejected, should the benchmark cut through 1952.18, which will open the way towards testing 1920.4.
The benchmark's daily Pivot Point is around 1999.26. Its daily support levels are around 1977.66 and 1965.13. Its daily resistance levels are around 2011.79 and 2033.39.
tradingview.com/x/uC6UIjfb/
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