Annual Forecast for S&P 500 (2019)
By
Azeez Mustapha
PUBLISHED:
21 Jan 2019 @ 12:31
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More info about Azeez Mustapha
S&P 500 market (SPI:SP500) looks promising for a great bullish run this year. There was an uptrend in the market until October 2018, when price began to plunge heavily, reaching a yearly low in December and bouncing upwards to resume a nice bullish movement.
Where price bounced upwards, it was seen that it successfully closed above the upper Trendline, as price journeys further north. The RSI period 14 is in the overbought region, and may soon become very overbought as it goes above the level 80, targeting the level 90.
Yes, there is a rise in the bullish moment which will eventually result in a Bullish Confirmation Pattern and play out for the most part of this year. The market may thus target the distribution territories at 2800, 3000, and 3200.
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