Weekly reversal confirmed - S&P is heading towards 2000 again?
Despite minor pullback, S&P 500 had its best trading week in 2016. The expected bullish continuation move came following a weekly double bottom mentioned in my last week’s newsletters:
Now that $SPX settled above 1900 again, can we assume that it is heading towards the final target zone of my weekly bullish scenario - 2000?
Judging by price action and the fact that $SPX tested 1900 and bounced higher from it, is a good indication that it will, but it won’t be a smooth ride.
What could destroy the “party” is Oil that continues to concentrate attention as it declined below 30$ again last Friday:
Perhaps it was just a minor pullback before the next bullish wave in oil. $CADJPY bullish setup in this week’s letter supports this option…
However, the fact that oil closed below its Fast SMA line is a warning signal to pay attention to so keep open mind and don’t be caught off guard by being biased for one side over the other.
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