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S&P 500 Technical Analysis: 9-month high to be broken
Daily price is on bullish market condition to be above Ichimoku cloud and above Senkou Span line (which is the virtual border between the primary bearish and the primary bullish trend on the chart). The price is testing 9-month high at 2119.25 to above for the bullish trend to be continuing. Alternative, if the price breaks 2082.50 support level so the secondary correction within the primary bullish trend will be started with 2031.05 bearish reversal target.
S&P 500 - Long-Term Forecast: ranging near 100 SMA for the correction to be started or for the bullish trend to be continuing
S&P 500 Weekly: ranging within bullish levels. The weekly price located fare above 200 SMA for the bullish market condition: price broke 100 SMA to be reversed from the ranging bullish to the primary bullish market condition with 2119.25 resistance as a nearest bullish target.
S&P 500 Technical Analysis 2016, 19.06 - 26.06: ranging bullish
Daily price was on local uptrend as the secondary correction within the primary bullish market condition since 12th of June this year: price broke Ichimoku cloud to below on open daily bar and it was bounced back to bullish area from 2049.75 support level. For now, the price is on ranging within the following s/r levels:
- 2119.25 resistance level located above Ichimoku cloud in the bullish area of the chart, and
- 2049.75 support level located near and below Ichimoku cloud in the beginning of the bearish area.
Absolute Strange indicator is estimating the price movement as the secondary ranging condition to be started.If D1 price breaks 2049.75 support level on close bar so the bearish reversal will be started with 2021.75 level as a possible bearish target.
If D1 price will break 2119.25 resistance level on close bar from below to above so the primary bullish market condition will be continuing.
If not so the price will be on ranging within the levels.
SUMMARY : bullish
TREND : rangingForum on trading, automated trading systems and testing trading strategies
Press review
Sergey Golubev, 2016.06.23 08:16
S&P 500: intra-day ranging within 100 SMA/200 SMA reversal area for direction (adapted from the article)
H4 price is located within SMA with period 100 (100 SMA) and SMA with the period 200 (above 200 SMA and below 100 SMA for the ranging bullish market condition) waiting for the direction for the possible breakout or breakdown.
If the price will break 2092.00 resistance level to above on close H4 bar so the bullish trend will be continuing with 2112.80 target.
If price will break 2075.00 support so the bearish reversal will be started.
If not so the price will be ranging within the levels.