S&P500 – Sideways Pattern Ready To Breakout! - Forex News by FX Leaders

S&P500 – Sideways Pattern Ready To Breakout!

Posted Wednesday, July 5, 2017 by
Arslan Butt • 1 min read

Today, the US stock markets remained relatively unchanged. The major investors took a break because the New York Stock Exchange remained closed yesterday. Today the investors are back again and we are waiting to see what happens.

Our forex trading signal for the Japanese stocks market index Nikkei closed at take profit during the Asian sessions. In contrast, the US stock markets aren't showing any excitement. I guess we have to wait for the New York session and FOMC meeting minutes. Fingers crossed, as we are already in the trade, floating in profits and loss.

Forex Trading Signal – Idea

We have a buy position in S&P 500 at $2426, with a take profit $2430 and a stop loss of $2422. I will be looking to come out of it before US sessions to avoid unpredictable moves that could result from the FOMC.

S&P 500 - Triple Bottom - Hourly ChartS&P 500 – Triple Bottom – Hourly Chart

Technical Outlook – Intraday

S&P500 is consolidating in a narrow trading range of  $2424 – $2433. The trading is at stake now and can be violated due to the volatility caused by US traders today.

On the hourly chart, the S&P 500 is finding a strong support at $2424, the triple bottom pattern. The pattern signifies potential reversals, so we prefer to take a buy entry here. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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