Trade Idea: I’m Looking To Buy S&P 500 Index On A Pull Back To 3030 Support Area – November 13th, 2019
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.
S&P 500 – Waiting For A Price Action Buy Signal Within The 2960 to 3030 Support Area.
Relevant Key Levels: Support at 3030, 2960, 2860-80 and 2800 to 2825. Resistance 3100 area.
Price Action: Several small tailed bars have formed in close proximity at current levels (both bearish and bullish conflicting signals). Recently, prices moved up strongly after a giant bullish Pin Bar reversal signal formed just under the 2960 key level.
Current Notes: Prices could experience a short term pullback to nearby support. The bias is bullish whilst prices hold above 2960 to 3030 support area. A strong technical support base had formed after the last correction lower held firmly at the 2800 to 2825 key support area.
Trade Idea: We will consider buying on a retracement lower in prices and/or after a clear price action buy signal (eg: Pin Bar Signal or Inside Bar Signal), whilst prices remain above/within the 2860 to 3030 support area.
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