The S&P500 is looking to return to it's high of 3394. Taking a look on the 4H chart, price action is looking morning starish on this uptrend. A retracement is bound to happen between the 3315 & 3345 areas creating S&R levels. The current position we're holding is waiting on the bullish candle to close above 3280 on the 1H in order to enter the trade going long. (Personally, I've set an alert.)
The real question is the Trend Reversal and when will it happen!? We all know once it breaks the uptrend and support level.
But it can easily reverse after going long and retracing back down to 3315, crossing below the bullish trendline, going back up for a retest just to continue the new bearish trend. Or maybe, once it returns to it's high of 3394.
Could consolidate a bit ... and then short back down forming a bearish trend reversal.
Either way the profits are still running wherever the market goes.
The real question is the Trend Reversal and when will it happen!? We all know once it breaks the uptrend and support level.
But it can easily reverse after going long and retracing back down to 3315, crossing below the bullish trendline, going back up for a retest just to continue the new bearish trend. Or maybe, once it returns to it's high of 3394.
Could consolidate a bit ... and then short back down forming a bearish trend reversal.
Either way the profits are still running wherever the market goes.