Hi guys,
The bullish engulfing candle right at the bottom of the channel zone suggests to me that there are still plenty of dip buyers for the S&P 500. (Ive adjusted the channel zone so it now fits the candle as there wasnt a serious breach red candle close below it)
Support in the form of the 20 ma and currently price is on top of the AVWAP from previous low
Price retraced almost exactly 61.8 from the high to the last channel bottom.
Target for me would be the 78.6 retracement first and then move stop to break even and see if we can move back into the channel zone and possibly take out the high and the upper channel zone line.
Safe Trading all
The bullish engulfing candle right at the bottom of the channel zone suggests to me that there are still plenty of dip buyers for the S&P 500. (Ive adjusted the channel zone so it now fits the candle as there wasnt a serious breach red candle close below it)
Support in the form of the 20 ma and currently price is on top of the AVWAP from previous low
Price retraced almost exactly 61.8 from the high to the last channel bottom.
Target for me would be the 78.6 retracement first and then move stop to break even and see if we can move back into the channel zone and possibly take out the high and the upper channel zone line.
Safe Trading all