By ForexTime
The SPX500_m seems to be in the process of a technical bounce on the daily charts with prices flirting above key weekly resistance ahead of the US CPI report later today. Nevertheless, bears remain in firm control on the weekly charts. Even though the current correction wave is strong – it is approaching a point of possible resistance at the trend line.
On the daily timeframe, prices are at a weekly resistance turned support level and the bullish strength is undeniable with an extended correction wave in the current down trend clearly visible. This leaves the field open for either bullish continuation or a bearish intervention and the possible start of a new impulse wave in the down trend. Since both the weekly and the daily trend is downwards, a more detailed bearish opportunity is discussed on the H4 chart.
The H4 chart reveals more details with a strong bullish trend in progress. As mentioned above the higher time frames as well as the effect on traders based on the CPI news event might cause the bears to take over again.
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If the price at 4401.1 is broken, this scenario is no longer applicable.
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