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Price Action – S&P 500 Inverted Pin Bar At Multi-Year High | Jan 16th
For the last 11 days, the S&P 500 has been range bound just below the 1475 level and multi-year high. One has to wonder why its taking bulls so long to clear such a level if they are really confident in further upside available. Monday this week the index formed an inverted pin bar, suggesting it underpinned.
I’m guessing bulls are either waiting for a big seller to come in, or to clear the 1475 level before adding any longs. Bears can watch for reversal price action signals, while bulls can either take a breakout retest play, or a pullback to the short term support at 1450 and also the 20ema acting as dynamic support.
*NOTE – check out this video about Tom DeMark’s sell recommendations on pretty much everything which is interesting.
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