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SPX500 Spot Hits 3501 highs yesterday

SPX500 Spot Hits 3501 highs yesterday

S&P 500 TVC:SPX

SPX500 Spot rallied yet another day and hit 3501 before pulling back. There are no signs of a potential bearish reversal yet but upside remains limited hence it is good to avoid getting into a bull trap. The indice has closed around 3484 yesterday but futures are trading higher around 3507 as we prepare this update. It has managed to produce a tweezer top candlestick pattern on the 4H chart but we need to see a break below 3350 support, to confirm a meaningful top in place. Good to remain flat and wait for a bearish turn.

Remain flat for now. Prepare to sell.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.



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