Yesterday's fairly strong close in the June S&P closed above the 38% retracement (1415) of the recent pullback and that is a good indication that the probability of a bear-flag pattern developing is much lower.
It puts the focus on the possibility of a double bottom pattern developing although that pattern needs confirmation and that requires a daily close above the intervening high at 1427.
Not much is expected for most of the session today as the contract will likely be in a holding pattern until the FOMC statement is released this afternoon. After that however, the market will likely be in a strong position to extend the bounce to fill in the daily gap at 1461.
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