Although it closed higher, the daily bar on the chart of the cash S&P500 can be classified as “downtrending”. Note on today’s chart that the bounce yesterday again came from a Fibonacci level identified by previous price pulse swings. During the trading session we violated the 1322.26 level which confirmed that the Y-pulse high of February 1 is in. This means that the Z-pulse is in fact underway and in the process of testing the January 23 low.
Now I want to see if the weekly chart can generate a technical “buy” signal. For us to get in a position to do that this week we would need the S&P to close below 1325.19 today.
Now I want to see if the weekly chart can generate a technical “buy” signal. For us to get in a position to do that this week we would need the S&P to close below 1325.19 today.
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