S&P 500 W reversal after 100 handles retracement
We saw a massive rally over the last months, with retracements around 100 handles.
This week's price made a 108 handles retracement after 4 failed attempts to form a new high at 4600, then price fell back to the magical 4500 level in 3 days.
At 4500 we saw a volume spike at the closing hour. With a higher low. All together it looks like a W formation at the bottom for me. Keep in mind, that tomorrow is NFP day. I'm hoping for a reversal, to a bullish trend. I'm crossing my fingers for positive news outcome.
Looking for a 4560 touch and a retest at 4500 for an explosive move, back to the highs at 4600.
Also keep in mind that it's Friday. Fridays, and Thursdays are usually great opportunities for reversals.
I also provided a 40 sample statistics from past retracements from 2022 june up until today. It shows a spread around the 100 area with oscillating trends. Hope it helps to gain a bit of confidence, that a 100 pip retracement is completely fine in a strong uptrend like what we had in july so far. (Scroll left a little bit to see the graph)
Green days and happy trading!
Peter
This week's price made a 108 handles retracement after 4 failed attempts to form a new high at 4600, then price fell back to the magical 4500 level in 3 days.
At 4500 we saw a volume spike at the closing hour. With a higher low. All together it looks like a W formation at the bottom for me. Keep in mind, that tomorrow is NFP day. I'm hoping for a reversal, to a bullish trend. I'm crossing my fingers for positive news outcome.
Looking for a 4560 touch and a retest at 4500 for an explosive move, back to the highs at 4600.
Also keep in mind that it's Friday. Fridays, and Thursdays are usually great opportunities for reversals.
I also provided a 40 sample statistics from past retracements from 2022 june up until today. It shows a spread around the 100 area with oscillating trends. Hope it helps to gain a bit of confidence, that a 100 pip retracement is completely fine in a strong uptrend like what we had in july so far. (Scroll left a little bit to see the graph)
Green days and happy trading!
Peter
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