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Trading Signals: Emerging Falling Wedge Pattern on S&P500
Our trading signals have identified an Emerging Falling Wedge pattern in its final wave on the S&P500 15 Minutes chart. After experiencing a strong bearish run, the S&P500 is now heading towards the upper triangle line with a possible resistance at 5979.7742. If the support holds, the Falling Wedge pattern suggests a potential rebound back towards current levels.
Trading Strategy and Technical Indicators Used:
- The strategy focuses on identifying chart patterns like the Falling Wedge to predict potential price movements.
- Technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are used to confirm the signals.
Assets Correlation:
The S&P500 is closely correlated with other major stock indices such as the Dow Jones Industrial Average and the NASDAQ Composite. Traders can also look at individual stocks within the S&P500 for additional trading opportunities.
Economic Calendar Events:
Traders should pay attention to upcoming economic calendar events that could impact the S&P500, such as Federal Reserve announcements, GDP releases, and unemployment reports. These events can cause volatility in the market and affect the price movement of the asset.
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