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S&P 500 Starting To Gain Momentum To The Upside Again

Published 12/16/2015, 02:19 PM
Updated 07/09/2023, 06:31 AM

S&P 500 Hourly-Chart Facts

  1. Bullish "Island Reversal" is still in effect (Bullish)
  2. Gap from yesterday is still open as of today (Bullish)
  3. Horizontal and downtrend resistance is at $206.97 (Bearish if we can't clear above it)
  4. $208.98 and $210 are the next resistances

SPY 65 Mins Chart

Daily-Chart Facts

  1. Bullish "Hammer" candle is still gathering supporters (last two days) to push its agenda (Bullish)
  2. Location of the Hammer is prominent -- it's exactly the same pivot level as where we threw a "Shooting Star" candle just few months back (Bullish)
  3. Gap needs to be open for this momentum to continue, so far buyers are protecting it (Bullish)
  4. Minor-term forecast is bullish given the parameters

SPY Daily Chart

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