Is the S&P 500 ready for a breakout? [Video]

Ming Jong Tey Independent Analyst

Watch the preview video below extracted from the WLGC session before the market opens on 11 Jun 2024 to find out the following:

How to interpret the “bullishness” based on the pullback and the volume reacting to the resistance level.
Why is the recent volume and price action considered bullish for the S&P 500.
How can traders use the concept of ‘coiling’ or a ‘bullish Harami’ to anticipate future market moves.

Market environment

The bullish vs. bearish setup is 235 to 283 from the screenshot of my stock screener below.

The number of the bullish setups further decreases and the short-term market breadth confirms this.

However, the S&P 500 and the Nasdaq 100 are still showing strength thanks to the support from the heavyweight stocks.

Three stocks ready to soar

6 “low-hanging fruits” (INSM, DPZ)trade entries setups + 14 actionable setups MU were discussed during the live session before the market open (BMO).

DELL is also pending a reversal confirmation as posted in the note earlier on.

As the market environment (bullish setups) and the market breadth are yet to show strength, my priority is to manage existing trades to protect the profit (breakeven or early exit before stopping out) as the defensive mode is on.

I will reduce the position size for new positions to test the water until they prove to me.

INSM

DPZ

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.

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