S&P 500 breakout of the ascending triangle. Weekly and monthly charts both have an uptrend chart and are above the 30 and 50 period Moving Averages.
I have added the RSI and Rate of change indicator and interestingly there are observations of bearish divergences in Rate of change for May and Aug 2019 as marked in the chart (ROC making a lower peak whereas Price makes a higher peak)
Currently, Price seems to be breaking out of the ascending triangle formation and we are already near all time highs on the index. It will be interesting to see if the breakout is for real or fake. Currently we are in a set up stage for a trade and the next few trading sessions will decide whether we go long or otherwise
Watch out this space for more
If you like, please share a thumbs up.
I have added the RSI and Rate of change indicator and interestingly there are observations of bearish divergences in Rate of change for May and Aug 2019 as marked in the chart (ROC making a lower peak whereas Price makes a higher peak)
Currently, Price seems to be breaking out of the ascending triangle formation and we are already near all time highs on the index. It will be interesting to see if the breakout is for real or fake. Currently we are in a set up stage for a trade and the next few trading sessions will decide whether we go long or otherwise
Watch out this space for more
If you like, please share a thumbs up.