It’s always nice to end the week with the obvious and you don’t get much more obvious than this bullish setup on the S&P 500.
The SP500 daily chart simply shows the textbook bull market that we’ve spoken about on the blog previously.
Look left to right and you can see that price is going up. You really don’t need me to draw a trend line to show you that it’s in a bull market no matter which higher time frame chart you click on.
Inside the higher time frame bullish trend, price has been drifting sideways and printed what looks to me like some sort of flag.
Are you looking for this to act as a continuation pattern? Let us know how you’re looking to trade the indices market by mentioning @VantageFX on Twitter.
Trade indices on MT4 with Vantage FX.
Dane Williams – @VantageFX
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, indices trading news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.
Source: Vantage FX Blog