The S&P 500 initially rallied during the day on Thursday, breaking above the 2060 handle. However, we turn right back around to form a bit of a
The S&P 500 initially rallied during the day on Thursday, breaking above the 2060 handle. However, we turn right back around to form a bit of a shooting star as we could not keep any of the gains. There is quite a bit of support below though, especially at the 2040 handle. With this being the case, it’s likely that buyers are just below, and waiting to take advantage of value when we pullback. A break above the top of the shooting star, that’s also a reason to start going long as it would show a continuation in momentum.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
