S&P 500 Price Action Analysis - possible correction within the ranging bullish condition
24 September 2015, 18:11
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W1 price is located to be above 200 period SMA (200-SMA) and near 100 period SMA (100-SMA) on the border between the bullish/ranging condition. The price is moved between the following s/r levels:
- 1863.12 key support level located above 200-SMA and below 100-SMA (between 200-SMA and 100-SMA) with the ranging area of the chart;
- 2134.42 key resistance level located to be above 200-SMA and 100-SMA in the bullish area of the chart.
If the price will break 1863.12 key support level so the secondary correction will be started within the ranging bullish market condition.
If the price will break 2134.42 key resistance level
from below to above so the bullish trend will be continuing.
If not so the price will be ranging within the levels.
Trend:
