Quick TA on the S&P500
Referencing the upward channel in blue, we observe that after celebrating 3 months of green, we're finally seeing weakness at the resistance line of the upper band.
The red doji candle at the top spells uncertainty in direction (up or down), but later prints a red candle the week after. Unless this is a consolidation zone for a bullflag formation, we may likely see the possibility of HnS formation, with this being the peak of the right shoulder.
A breakout above the level 2945 is required to resume its uptrend. Chances are that we might move sidesways, or witness the commencement of downward capitulation.
Referencing the upward channel in blue, we observe that after celebrating 3 months of green, we're finally seeing weakness at the resistance line of the upper band.
The red doji candle at the top spells uncertainty in direction (up or down), but later prints a red candle the week after. Unless this is a consolidation zone for a bullflag formation, we may likely see the possibility of HnS formation, with this being the peak of the right shoulder.
A breakout above the level 2945 is required to resume its uptrend. Chances are that we might move sidesways, or witness the commencement of downward capitulation.