SP500- Rise from support?
Since the bottom was found in mid-June, SP500 has started to rise and at the beginning of August managed to break above important 4000-4100 zone resistance.
After making a high above 4300 the index started to correct lower and now is trading exactly above the mentioned resistance, now support.
There is a high probability for up continuation from this point and a long trade targeting the previous high can have a 1:2 risk: reward ratio.
Even more, if the correction started at the beginning of the year is over, swing traders can target 4.6k resistance with a 1:6 R:R.
After making a high above 4300 the index started to correct lower and now is trading exactly above the mentioned resistance, now support.
There is a high probability for up continuation from this point and a long trade targeting the previous high can have a 1:2 risk: reward ratio.
Even more, if the correction started at the beginning of the year is over, swing traders can target 4.6k resistance with a 1:6 R:R.
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