The S&P 500 Sending Some Early Bullish Signals

By | October 24, 2016

The S&P 500 is positioned right in the middle of its trading range, and just below the 50 day moving average. The price action is neutral but there are some initial bullish technical signs.
The daily chart outlines the parameters of support and resistance, and shows the MacD making a bullish crossover and Chaikin money flow moving into positive territory. These are early signs of positive momentum and money flow. If the index penetrates the 50 day moving average it should continue on to retest the resistance zone, but it is foolish to speculate beyond that point.
The range rules and continues to hold and to frustrate traders.

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