Index forecast / S&P / Our expectations
Long-term upward trend, higher tops. Short-term correction to levels of diagonal support and fake breakout of FiBo 38.2, afterwards the price pulls back above the level of support. Price action signal: Pin bar at levels of diagonal support. Technical indicator: CCI(50) - above level 0 - the positive sentiment is still on the market. The price is above SMA 200/50 - positive signal.
Fundamental analysis - The fundamental of the indexes is positive by default. We are expecting the fiscal reports of the companies for the 4th quarter and it's more likely they are to be positive considering D.Trump's tax reform.
SL: 2760
Trader Bozhidar Arabadzhiev
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