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S&P 500: two scenarios

S&P 500: two scenarios

Updated

What's on

The stock market seems to be on a bullish track now. The S&P bounced upwards from the support of 3870 where the three Moving Averages were converging and currently is flirting with the four-week resistance of 3935. What to do now?

Mid-term action plan

Watch how the index behaves against the resistance of 3935

Bounce downwards

  • Factor in a possible downward reversal at 3935 like it happened on February 25
  • Noting that we’re in a bullish trend now, if a bounce downwards happens, it will likely send the index either to the support of 3900 or 3870 before bulls take over again

Punching through

  • If no bearish reversal pattern forms on lower timeframes around the resistance of 3935, it’ll likely be crossed
  • Assume that upon crossing, the S&P 500 will go straight to 3960
  • At the resistance of 3960, a reversal downwards may happen – factor in this potential and prepare the support of 3935

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