S&P 500 Eyes Key Resistance Stage at 3,500 With Upward Momentum
S&P 500 Index Technical Forecast: Bullish
- The S&P 500 index climbed to one-month excessive after the formation of bullish “AB=CD” sample
- The index examined the higher Bollinger Band, exhibiting robust upward momentum
- Fibonacci extension suggests a direct resistance degree at 3,500 (100% Fibonacci extension)
The S&P 500 index has probably shaped a bullish “AB=CD” sample (see chart beneath) in September, and has since rebounded. “AB=CD” sample is a basic harmonic sample and is the constructing block of the extra sophisticated “Gartley 222” sample.
“AB=CD” is shaped by nearly parallel AB and CD legs, that are comparable in time-frame and size (highlighted in crimson). Comparable AB=CD patterns will also be noticed in Nasdaq 100 and Dow Jones index just lately.
The S&P 500 index seems to have reversed its bearish pattern up to now two weeks, after finishing the “AB=CD” sample. It has since damaged by the 20-Day after which 50-Day Easy Transferring Common (SMA) traces,…