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S&P 500 – Corrective Pullback Into 20 EMA | Oct 27
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S&P 500 – Corrective Pullback To 20 EMA (4hr chart)
After launching post draghi speech like most global indices, the S&P 500 has gained over 50 points before hitting key resistance around 2075. Looking at the structure of the pullback, it’s showing an impulsive and corrective structure with the latter pullback into the 20 EMA.
Bulls have come in off this and the ST support around 2060. If this holds short term, we should see an attack on the recent highs and then a move towards 2100. If 2060 folds, then I’m expecting buyers to step back in around 2036. Only a daily close below 2030 would negate my ST bullish bias.
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