Trade Update: THE US S&P 500 INDEX Hit Our Take Profit Target at $2,800 / 50% Fibonacci Retrace level.
The S&P 500 Index Finished last week strong and hit our Take Profit Target at $2,800. Our Buy signal on April 7 was based on a bullish breakout from a Cup and Handle chart pattern that sent S&P 500 price up to the 50% Fibonacci retracemment level at $2,800. Considering the sharp decline in the 50 day moving average (green line), traders should be careful continue holding long position and better be cautious and protect profits as we can see strong volatility as price move into resistance level.
April 7 signal:
The US S&P 500 Broke out of a Cup & Handle chart pattern and is in a bullish near term momentum up. Our chart below show our near term target price at $2,800. Traders can get long here and expect to hit target in the next few days maximum. In addition keep in mind that the market is in a confirmed long term bearish trend and price strength provides new opportunity to short the market again at resistance level.