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S&P500: A run at the old highs is likely

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Market Analysis At this point, the actual market activity has been mostly in line with the cycle projections. Below, we see that the daily S&P has traced out a rising wedge from which it has begun to break down. A divergence between price and momentum can be detected. But the cycles still point up, so there has been little follow through on the downside. The daily S&P surpassed both the critical 38% and 50% retracement levels. Price sits just above the ‘last stop’ 78.6% and 81%

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