The S&P formed on Friday a negative day reversal but only a daily closing tonight below 1242,40 will confirm a s/t top favouring lower levels. The weekly closing was instead very strong well above the top of the previous week.
The indicators of the daily chart are however still positive and also those of the weekly one are now close to turn above the line. The indicators of the s/t charts a mixed suggesting further consolidation.
Today’s session started with a small gap up and while above 1249,90 we should be able to see a retest of the 1262,70 top with even a possible overshooting.
In the hourly chart we have a potential S_H_S formation with the neck line at 1244,30; a break of the line will faouvr a drop toward the 200 hours line, still found only at 1201,00. This possible decline is corrective and a buying opportunity probably already close to the 1230 level.
We buy a 1232,00 undershooting going even long!
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