So the S&P 500 market plunge further on Monday during Asia market open and enter a quick recovering during US market open. The price recovering continue today to a crucial junction again.
Currently we are expecting S&P 500 market entering a consolidation phase between 2335 to 2355 area. We should expecting a price rejection close to 2360 area if the reversal of S&P 500 to a new low idea is still intact. However, if 2360 break heavily without a sign of price rejection, the trend most likely will continue to upside in near term.
If price able to consolidate in a tight price range with price rejection above 2350…this will indicate the short term demand in this market can’t cope with current price and we are expecting distribution of big players to the retail before market continue its downside.
Anyway it shall be an interesting week to see price action of S&P 500…potential 2-3% to upside or downside should happen soon.
Till then, stay safe in investing and trading!