Today’s
fundamentals out of the US came out better than expected with a higher reading
on inflation and new home sales. The real estate market in the United States is
expanding better than most economists expected and even May’s numbers were
revised higher. This has caused the S&P 500 index to rally and break above
the 1977.75 level which was its latest high as shown on the daily chart below.
On the same
chart we can see the formation of a Broadening Triangle. It is called
broadening triangle, because we can see that the triangle gets wider as time
passes by. This chart pattern has a bullish implication and if we do see a
breakout above the 1977.75 zone, then we may wait for the pullback to this same
area for a possible long entry.
Very Good analysis.
ReplyDeleteI'll keep my attention to the 1977.75 level
Good point! I'll keep an eye on it.
ReplyDeleteWell spotted! I'll be watching.
ReplyDeleteyou are on point thank you
ReplyDeleteGreat vision thank you
ReplyDeleteVery good point.
ReplyDeleteMight stage an attack to the 2000 level
ReplyDeleteI'm looking for a short, might take a while to find it if you are right :)
ReplyDelete