Last weekend's review, it was expected that the S&P500 would follow through with a bullish week. Instead, it was quite the opposite, until the late part of Friday that the upticks started. This could have been attributed to the end of the quarter, half year sell-off by portfolio managers, just a possible consideration.
This week's price action was clearly not enough to close the week (and month) in positive territory, however, it appears that a possible higher low is being formed. This is the first indication that there is a lower probability for a bear trap.
Technical indicators for the weekly have yet to turn, and a couple more weeks might be needed for that. The daily technicals have already started to turn up... perhaps the incoming week would be be clearing up the technical fog. Looking for the higher high.
Meanwhile, do look into the monthly chart. The major downtrend is still in force, and there is a large range of movement in the daily ranges.
Take care!
This week's price action was clearly not enough to close the week (and month) in positive territory, however, it appears that a possible higher low is being formed. This is the first indication that there is a lower probability for a bear trap.
Technical indicators for the weekly have yet to turn, and a couple more weeks might be needed for that. The daily technicals have already started to turn up... perhaps the incoming week would be be clearing up the technical fog. Looking for the higher high.
Meanwhile, do look into the monthly chart. The major downtrend is still in force, and there is a large range of movement in the daily ranges.
Take care!
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