- The S&P 500 is showing no signs of entry at this juncture until it either breaks upside structure, weekly resistance, or fails and break structure to the downside.
- Prudent tradesr will want to see confirmation one way or the other.
- The following is a top-down analysis of the structure of the market.
For a full run down on what to expect from this market for this week, see here: S&P 500 Index Forecast: Bank’s earnings in focus, COVID-19 induced insolvency fears simmer away
Daily chart
As we can see, in the following chart, the market is at weekly resistance.
The weekly resistance is easily seen here:
Fron a nearer-term outlook, there is nothing here for the bears and bulls remaining charge with price above the 21-hour moving average and bullish MACD.
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