SPX update, Ascending triangle in RED, support and resistance in BLUE
As we can see from an ascending triangle point of view first off, price action has moved above the upper ascending triangle line. Even if you had you upper line placed during the start of December 2020 the price action has still moved above this line. this could mean a possible trend break down ? maybe, who knows.
From a support and view on SPX, we can see we are above support, not by much though. However, with an ascending triangle at play I feel we could see price action come back into play for the ascending triangle and return to support levels. IF ascending triangle does play out then it is a matter of what support level price action will come down to. I do not have on my chart but if you do your DD you'll notice RSI divergence between RSI and Price action also indicating a correction is due. Keep in mind this is S&P 500 and weirder things have happened. IF there is a break out to the short side I don't see it being maintained for a long duration of time. maybe weeks to a month or so.
Please let me know your thoughts! Happy trading
As we can see from an ascending triangle point of view first off, price action has moved above the upper ascending triangle line. Even if you had you upper line placed during the start of December 2020 the price action has still moved above this line. this could mean a possible trend break down ? maybe, who knows.
From a support and view on SPX, we can see we are above support, not by much though. However, with an ascending triangle at play I feel we could see price action come back into play for the ascending triangle and return to support levels. IF ascending triangle does play out then it is a matter of what support level price action will come down to. I do not have on my chart but if you do your DD you'll notice RSI divergence between RSI and Price action also indicating a correction is due. Keep in mind this is S&P 500 and weirder things have happened. IF there is a break out to the short side I don't see it being maintained for a long duration of time. maybe weeks to a month or so.
Please let me know your thoughts! Happy trading