S&P 500 forms Bullish BAT Pattern, good to sell on rallies
Harmonic Pattern formed – Bullish BAT pattern
Potential Reversal Zone (PRZ) – 2120
The index made a low of 2068 and slightly recovered from that level. Overall trend is still bearish as long as resistance 2120 holds.
On the higher minor resistance is around 2104 and any break above targets 2110/2120 level.
The index support is around 2072 (trend line joining 2047 and 2069) and break below targets 2060 (200 day 4 HMA)/2045/2038.
It is good to sell on rallies around 2100-2105 with SL around 2120 for the TP of 2061/2045.
Potential Reversal Zone (PRZ) – 2120
The index made a low of 2068 and slightly recovered from that level. Overall trend is still bearish as long as resistance 2120 holds.
On the higher minor resistance is around 2104 and any break above targets 2110/2120 level.
The index support is around 2072 (trend line joining 2047 and 2069) and break below targets 2060 (200 day 4 HMA)/2045/2038.
It is good to sell on rallies around 2100-2105 with SL around 2120 for the TP of 2061/2045.