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S&P 500 Forms Bullish Engulfing Bar | Aug 22nd
S&P 500 – Forms Bullish Engulfing Bar – More Upside?
As we suspected, the US indices bounced like we wrote the Dow would yesterday. However the S&P’s reversal was a little more convincing as it formed a bullish engulfing bar reversal taking out yesterday’s losses completely. Price should now advance minimally to test the daily 20ema around 1670 above. For me, I’ll look to sell the resistance zone above between 1675 and 1690 to form an LH (lower high) targeting 1640 and potentially a much larger move lower towards 1580. Only a daily close above 1710 will turn my bearish bias to a bullish one.
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