US 500 is trapped in a Pennant formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 6115.4050 is expected in the short term.
Important resistance line being approached by US 500. This price has been tested numerous time in the last 9 days
