Stock market analysis, 17 July

Following the JP Morgan quarterly earnings today, the S&P 500 e-mini futures dipped below the recent lows, but then met with a fast and aggressive ‘counter attack’ from buyers on the 4 hour candle timeframe. This bold buying pressure created a V shape recovery on that timeframe
On the other hand, the S&P is still in a sideways trading market
, Should you be active in this stock market now? That mainly depends on the timeframe you are trading and your trading strategy. It was mentioned in Yesterday’s stock market analysis that the trades now should probably be short term only.
Long term players that are seeking a greater level of confirmation, may prefer to see if a bull flag is in the making, and if the the S&P 500 e-mini futures decides to reach the breakout zone shown in today’s technical video below
Currently, that bull flag is speculative, and so is its breakout up. But if it happens, and the analysis guides you exactly what to look out for, the watch for a retest to the broken bull flag, and then consider taking the long position (with a stop, always with a stop!)

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