S&P 500 forms bullish cypher pattern, good to buy at dips
Harmonic Pattern formed- Bullish Cypher pattern
Potential Reversal Zone (PRZ) - 2020
The index has broken major support 2060 and declined till 2041 (50 day MA). It is currently trading around 2056 level.
It has broken major support 2060 (200 day MA) and closed around 2056 level. Short term trend is slightly weak as long as 2085 holds. Any break above 2085 will take the index to new high of 2100/2108.
On the lower side major support is around 2040 and any break below targets 2020/2000.
it is good to buy at dips around 2020 with SL around 2000 for the TP of 2065/2085
Potential Reversal Zone (PRZ) - 2020
The index has broken major support 2060 and declined till 2041 (50 day MA). It is currently trading around 2056 level.
It has broken major support 2060 (200 day MA) and closed around 2056 level. Short term trend is slightly weak as long as 2085 holds. Any break above 2085 will take the index to new high of 2100/2108.
On the lower side major support is around 2040 and any break below targets 2020/2000.
it is good to buy at dips around 2020 with SL around 2000 for the TP of 2065/2085