S&P 500 W Trade Pattern

S&P 500 W Trade Pattern

Taking the S&P 500 W Trade Pattern.

From the level we can see in late October, price has now made a bounce back above those level.

When price drops as quickly as it has recently, we get a W pattern, price will rally a bit and then will sell off again to test the previous low.

Now the US Thanksgiving holiday is over, and the markets can return to normal, we may see some buyers enter back in to the market.

Taking a technical view, we can see a positive divergence in the MACD the indicator has posted higher lows, from above where we where in late October, so a positive sign that price could continue in a Bullish direction.

Buyers may be coming in to pick up the pace, and take control from the sellers.

Depending on economic events, we may soon see price for the S&P 500 move passed 2900.00 and reach 3000.00

We’ll keep a close watch on our trade, at the moment we remain positive.

S&P 500 W Trade Pattern

(Our trading and image was done using an account with UK based broker IG)

*Please Note, Forex and other forms of trading carry a high level of risk to your capital as you could lose all of your investment. These products may not be suitable for every investor, therefore ensure you understand the risks and seek independent advice. Invest only what you can afford to lose. We are NOT financial advisers and we do NOT offer financial advice. 


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