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S&P 500 – Breakout Retest Setup, ST Bias Bullish | Apr 14
S&P 500 – Bullish Breakout Retest Setup, ST bias changed to bullish (4h chart)
After a long consolidation the bulls finally managed to push price through the resistance zone 2070-2075, followed by a successful retest of the level changing the ST bias to bullish. The follow through on the other hand was pretty weak, suggesting at least another test of the support zone.
This creates the possibility of a breakout retest setup in the near future. I do caution bulls may want to take profit before the weekend which would go partially against this trade.
This breakout hints at a possible scope and move towards 2100 as the first target. But since we are approaching a major resistance zone between 2100-2130, where likely many bears have their orders parked at different levels, the move might be a slow grind rather than a strong impulsive move.
Only a daily close back below 2070 will change our ST bullish bias.
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