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S&P 500 Pin Bar Signal At All Time Highs, ASX 200 Pin Bar Fiesta | May 13th
S&P 500 – Can It Close Above 1900?
Also on a never-ending bullish trend, the S&P 500 eclipsed the 1900 barrier briefly, forming a small pin bar signal. The last time the index hit the aforementioned barrier it sold off heavily losing 90 points in a matter of days. It is possible we may find some aggressive sellers here a second time. But barring any impulsive moves downward, I’ll look to get long on pullbacks
Our Trade Idea: Look for a corrective pullback to get long around 1850/45 area, which is where the rising long term trend-line comes in. Upside targets will be 1886 and 1898 with tight stops below.
ASX 200 – Pin Bar Fiesta
After a sharp 3 day sell off, the ASX 200 (Akin to the S&P for Australia) found a strong base of buyers willing to hold the line between 5400 and 5450. You will notice there were several pin bars, with a lot of wicks/rejections below 5456 and zero closes below here. This communicates a strong willingness for bulls to step in and reject the value below here.
Our Trade Idea: I suspect pullbacks towards 5472/85 will be bought up, so look to get long here on weak pullbacks with stops below at 5421. Upside targets will be 5547 and 5584.
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