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SPX Bullish As Long As 2865 Holds

By Alexandros YfantisStock MarketsSep 12, 2018 01:46PM ET
www.investing.com/analysis/spx-bullish-as-long-as-2865-holds-200343534
SPX Bullish As Long As 2865 Holds
By Alexandros Yfantis   |  Sep 12, 2018 01:46PM ET
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In the midst of trade negotiations and currency wars, SPX has managed to hold its up trend toward 2900 and higher. The recent pull back has brought prices toward the first important short-term support at 2860-2870 area.

4-Hour S&P 500
4-Hour S&P 500

Price has bounced off support, back tested it and is now trying to make new higher-highs after a report came out that the U.S. is proposing a new round of trade talks with China.

Daily S&P 500
Daily S&P 500

At 2900, I was bearish but seeing how support held at 2860-2870, which was my first big test, I have turned bullish as long as we hold above 2865. If this level breaks down I expect a minimum decline toward the lower channel boundary between 2830-2820. Confirmation of my bullish scenario comes only with the break above 2915 and has 2950 as my first target.

Good luck and happy trading everyone

SPX Bullish As Long As 2865 Holds
 

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SPX Bullish As Long As 2865 Holds

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