Bears are halting buying pressure in S&P 500 E-Mini, expecting potential reversal

From Investing.com: 2024-07-16 09:47:00

Yesterday, the S&P e-mini formed a doji bar after failing to break above last Friday’s high. Bears are halting buying pressure, but only have one bear bar out of the past ten trading days. Odds favor more sideways trading, with the market likely testing the moving average. A strong rally in July indicates a buy climax, with expectations of testing the July low in the coming weeks. Today, the market may find resistance near the 5,700 round number. Traders should expect a lot of price action and potential bear trend day. Pay attention to bears and be cautious of a possible reversal back down to the open.



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