S&P 500 index is forming a descending triangle since the beginning of August. Each day the triangle gets narrower, normally we should expect a down move after completing a descending triangle but my expectation is on the breaking of the resistance of triangle before the completion which is shown in purple.
In case of breaking the support line, again I would expect a recover from the below and bounce back to higher levels. Reason of my expectation is that this uptrend is coming very strong.
RSI is also confirming the uptrend, we have to watch moving average line to cross the bollinger base line upwards, than we can place the buy order.
In case of breaking the support line, again I would expect a recover from the below and bounce back to higher levels. Reason of my expectation is that this uptrend is coming very strong.
RSI is also confirming the uptrend, we have to watch moving average line to cross the bollinger base line upwards, than we can place the buy order.