wall street

SPX testing bullish trend line support – Is it time for a bullish reversal?

Posted Monday, August 13, 2018 by
Arslan Butt • 1 min read

The U.S. futures took a bearish turn as soon as the markets opened for trading, to trade at $2,824. Most of the bearish trend began after Trump threatened to heighten the import duties from 20% to 50% on Chinese imports.

Technically, the SPX has tested the bullish trendline support area of $2,826. The closing of Doji candle right above bullish trendline support is suggesting a changing sentiment of investors.

SPX - 2 Hour Chart

S&P500 can take a bullish reversal above $2,826 to target $2,850. Whereas, below this ($2,826), the markets can go after $2,799. Good luck!

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About the author

Arslan Butt is our 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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