The 20 simple moving average is proving to be a strong level of support for the S&P 500
since the uptrend which began on the 23rd March 2020.
On Wednesday of last week, price did decline below the 20 simple moving average but by
the close of business on Friday, the sellers lost control and the buyers were able to close
the day with a bullish bar.
The analysis remains the same from last week as we are still waiting for price to break
above strong levels of resistance before looking for long opportunities.
These resistance levels are the 200 simple moving average, the $3000 psychological round
number and the previous resistance at $3027.
This is a strong cluster of resistance and with a break above these levels, the market is telling
us that conditions are good to start buying again.
Success in trading comes from doing nothing when there is nothing to do and taking full advantage
of opportunities as soon as they present themselves.
Right now we are still waiting and we will be ready to place positions once the right setups occur.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
since the uptrend which began on the 23rd March 2020.
On Wednesday of last week, price did decline below the 20 simple moving average but by
the close of business on Friday, the sellers lost control and the buyers were able to close
the day with a bullish bar.
The analysis remains the same from last week as we are still waiting for price to break
above strong levels of resistance before looking for long opportunities.
These resistance levels are the 200 simple moving average, the $3000 psychological round
number and the previous resistance at $3027.
This is a strong cluster of resistance and with a break above these levels, the market is telling
us that conditions are good to start buying again.
Success in trading comes from doing nothing when there is nothing to do and taking full advantage
of opportunities as soon as they present themselves.
Right now we are still waiting and we will be ready to place positions once the right setups occur.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
