S&P
500 market (SPI:SP500) looks promising for a great bullish run this year. There
was an uptrend in the market until October 2018, when price began to plunge heavily,
reaching a yearly low in December and bouncing upwards to resume a nice bullish
movement.
Where
price bounced upwards, it was seen that it successfully closed above the upper
Trendline, as price journeys further north. The RSI period 14 is in the
overbought region, and may soon become very overbought as it goes above the
level 80, targeting the level 90.
Yes, there
is a rise in the bullish moment which will eventually result in a Bullish
Confirmation Pattern and play out for the most part of this year. The market
may thus target the distribution territories at 2800, 3000, and 3200.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
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