S&P Gives Clear Price Action Bullish Signal On Range Bottom

s&p range support

The S&P is printing a class range signal. This market fell into a range after dropping from a big rally.

Now we have the range structure, it’s just buy on bottom, sell on top… and what better evidence do you need than a price action signal.

Last session the S&P printed a large bullish rejection candle off the range bottom.

This is strong evidence that price wants to cycle through another range.

Generally the S&P gets fired up in the US session, so we will see then if this signal is likely to work out or not.

A retracement entry on the signal would be nice here to tighten up the stop loss needed, as it is a large ranged candle.

The long extended lower wick that pokes though the range bottom is a sign of a fake out to the downside… another sign of strength.

Good luck on the charts guys.

4 Comments...