Bullish Engulfing Patterns: Size Counts
S&P 500 Index Three-Year Weekly Candlestick Chart
There is a high probability that the S&P 500 Index will test major resistance of 1,370 within the next two weeks. Using the 2% rule, a convincing close of 1,400 for two consecutive days would set-up the index for an upside target of 1,470.
A failed low-volume test of resistance would see the S&P 500 index move into a trading range of 1,350-1,250. And then we will be back to monitoring the major support level of 1,250.
Reference the previous analysis of the S&P 500 Index using candlesticks