Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Potential Trade Idea: S&P 500 Index On A Pullback To The 2860-90 Support Area – July 9th, 2019
All charts illustrated are daily charts unless marked otherwise.
Relevant Key Levels: Support 2860-90, 2800, 2690-2730, 2600 and 2500-2550. Resistance 2946-60 and 3000.
Price Action: An Inside bar Pattern forms at the most recent high and could lead to a short term correction to test support. There is also the potential for a Fakey Pattern to develop here. Price recently broke and closed strongly above the prior all-time high at 2960.
Current Notes: We prefer to buy on a pullback in prices towards the 2860-90 support zone. The bias is bullish whilst prices remain atop the 2800 major support area. Any retracement lower is likely to see strong support from buyers around 2860-2890 short term support area.
Potential Trade Idea: We will consider buying on a clear price action buy signal on a deeper retracement to around or just above the 2860-2890 support key level. Upside targets to 2960 to 3000 area.
NOTE – You can trade S&P 500 via the preferred trading platform we use HERE.
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