Short-term bullish?

[wp_lightbox_prettyPhoto_image link=”http://www.economicsignature.com/wp-content/uploads/2018/03/20180309-SP500.png” description=”S&P 500 has a short-term resistance at 2,810 (due to a small gap) and a long-term resistance at 2,850 (due to another large gap). Today, the rally leaves another gap between 2,741 and 2,751 as a support. If the market will keep upping, it may slide down to close the 2,741/2,751 gap before moving up.” source=”http://www.economicsignature.com/wp-content/uploads/2018/03/20180309-SP500.png” title=”Short-term bullish”]

During the past week, the U.S. stock market was bouncing back, leading to a confirmed triangle. Today the market breaks out the triangle. The breakout implies a short-term bullish trend.

However, as we previously mentioned in the article S&P500 short-term support and resistance, the resistance is heavy. S&P 500 has a short-term resistance at 2,810 (due to a small gap) and a long-term resistance at 2,850 (due to another large gap). Today, the rally leaves another gap between 2,741 and 2,751 as a support. If the market will keep upping, it may slide down to close the 2,741/2,751 gap before moving up.

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