Index at key resistance region. WHATS NEXT?
The S&P500 Index closed the week at the key resistance region, slightly above the Daily 200 period Simple Moving Average (SMA) and the descending trend line.
Short term bullish trend remains intact although slightly extended with momentum seem to be slowing down.
A shift in short term trend can be confirmed when price breaks out of the 3960 support region which will also invalidate the short term ascending trend line.
On the end of October, we posted an analysis that we are likely to see upside reversal of the S&P500 due to the candlestick reversal confirmation on the Weekly 50 period Exponential Moving Average (EMA) as shown above.
Initial profit target would have been met as we are at key resistance level.
Short term bullish trend remains intact although slightly extended with momentum seem to be slowing down.
A shift in short term trend can be confirmed when price breaks out of the 3960 support region which will also invalidate the short term ascending trend line.
On the end of October, we posted an analysis that we are likely to see upside reversal of the S&P500 due to the candlestick reversal confirmation on the Weekly 50 period Exponential Moving Average (EMA) as shown above.
Initial profit target would have been met as we are at key resistance level.
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