S&P 500 Price Action – Pin Bar Rejections Off Support

Published 11/11/2014, 12:36 AM
Updated 05/14/2017, 06:45 AM
USD/JPY
-
AUD/USD
-
GBP/JPY
-

S&P 500 – Stable Trend, Key Support Marked (4hr chart)
One of the more stable bull runs as of late has been the S&P 500 which has virtually been above the 20 EMA since the middle of October. Recently the US index formed resistance at 2025, only to break above and pullback right into this level before pushing higher.

Notice the two pin bar rejections off that key support level. This shows how the buyers are buying intra-day dips off the level, so we now have a ST key support marked.

If this level holds again, then it should re-attack the yearly highs above 2037. If this level fails, then it should pullback towards 2012 and 2000 testing to see if bulls want to come back in on the quick. A failure of 1987 would lead to deeper losses before making another run higher.

spx500

Also in our members trade setups commentary, we cover the GBPJPY, AUDUSD, USDJPY, Nikkei & WTI Oil. Click here to become a member.

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.