Sp now above major down trendline9 Jun 2025 14:22
Sp now above major down trendline, which is bullish. Large bullish cup and spoon chart pattern, with the cup, spanning one year of trading. The sp has rallied out of the "U" shaped cup formation and in doing so broke above the sloping down trendline.
The current retracement has two legs, the fall and the rally, on the weekly chart however often retracements have three legs, being fall,rally and fall, before beginning the retracement breakout. The daily chart has fulfilled the three leg pattern and because sp is breaking out on heavy volume, I suggest going with the daily rather than the weekly. Underlying broker sector is rallying and majority new six month high. DYOR.