S&P 500 forms a bullish flag, but will it hold? [Video]
![S&P 500 forms a bullish flag, but will it hold? [Video]](https://editorial.fxstreet.com/images/Markets/Equities/SP500/wall_street_nyse1-637299020939878938_XtraLarge.jpg)
The market is looking healthy, but there are a few key factors traders should monitor.
Bullish flag formation
-
The market is forming a bullish flag – a pattern suggesting potential upward movement.
-
Despite a recent bear attack, the overall trend remains intact.
-
As long as the key level 5690 holds, the bias remains bullish.
-
A healthy pullback or consolidation may occur, but it's not a concern unless the 5690 level is violated.
Supply and demand dynamics
-
There has been a localized increase in supply, but it hasn't led to a significant sell-off.
-
Decreasing supply overall is a positive sign for the bulls.
-
Demand tails have appeared, suggesting there are still buyers stepping in.
Watch the video below to find out the key market insights with analysis on bullish flags, potential breakdowns, and crucial levels to watch for trading opportunities.
Author
Ming Jong Tey
Independent Analyst
Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.
