Longer-term charts show that the recent decline in the S&P cash index did not break below the 38% retracement support before attempting to bottom. Add to that the possibility of a "W" bottom pattern on daily charts and the contract has a good chance of trading higher over the next couple weeks, especially as the seasonal pattern is still holding a bullish bias through the middle of May.
The contract has covered a good deal of ground over the past three sessions so an immediate continuation is probably too much to ask, but pullbacks should be fairly limited and given the moderate sentiment measures there may be a good deal of dip buyers about.
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