TraderEye Market View: The S&P500 has reached a critical technical level

Tuesday, April 16, 2024

The S&P500 has reached a critical technical level

The S&P500 index made a long and positive move for a long time, technically, it reached the expected goal of the AB=CD pattern and now a Japanese ENGULFING pattern has been built, since it is a monthly pattern, next month, when a new Japanese candle is formed, we can conclude about the continuation of the index's move.

Attached is an illustrative model of a Japanese Engulfing pattern:

Attached is a monthly graph of the American stock index S&P500

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