S&P 500 May 22 : Weekly Trends

S&P 500 May 22 : Weekly Trends

22 May 2016, 16:35
Andy Ismail

S&P 500 drops below key 2035 support intra-day, but closes above, The day we would finally see a clean signal on the head-and-shoulders top we have been tracking in the S&P 500, but it wasn’t to be. To reiterate again, this is why when trading a breakout on any type of pattern, it is best practice that one wait for a closing bar above, or in this case below the trigger point on the time-frame in question. Don’t get caught being the tail of those types of daily reversal bars, wait for the close. "We had 2035 penciled in as neckline support; the low of the session was 2025 near a minor lower parallel and the close of the day was at 2042", said Robinson (dailyfx).

Meanwhile, Ari Wald Oppenheimer's top technician told CNBC's said that it could possibly seeing some returning strength in the second half of the year, "Fast Money" this week. S&P 500 can rebound to 2080, should be a Buy opportunity for 1.37% profit (Ismail, Trading View).

S&P 500 Index 

(Image: S&P 500 Weekly Setup)

Indicator :

Fibonacci Swing Scalp Two 

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