S&P500 has enjoyed a strong upward move in 2019.
We see that it has continued to make higher highs and lower highs which is positive for the S&P500, yet we approach a trendline that was created by a sloping triple top which has held strong since October. Should the price penetrate this line, $2776, then we could see a continued move upwards for the S&P500.
Plotted with the Linear Regression tool, we can also see an agreement that the price has traded back to it's mean, which also adds confluence to the trade as the mean and the breakout level are the same. Should the S&P500 open positive this week, we could see the market break the level and make its move upwards to breaking the $2800 level. Continuing higher up, we could see it reach as high as $2925-$2945.
However, if the price doesn't continue and the trendline resists the market, plus the price reverts away from the mean lower, then we could see a move lower towards the $2718 level.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
We see that it has continued to make higher highs and lower highs which is positive for the S&P500, yet we approach a trendline that was created by a sloping triple top which has held strong since October. Should the price penetrate this line, $2776, then we could see a continued move upwards for the S&P500.
Plotted with the Linear Regression tool, we can also see an agreement that the price has traded back to it's mean, which also adds confluence to the trade as the mean and the breakout level are the same. Should the S&P500 open positive this week, we could see the market break the level and make its move upwards to breaking the $2800 level. Continuing higher up, we could see it reach as high as $2925-$2945.
However, if the price doesn't continue and the trendline resists the market, plus the price reverts away from the mean lower, then we could see a move lower towards the $2718 level.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
