Breakout buildup or exhaustion on S&P500?

Breakout buildup or exhaustion on S&P500?

The S&P500 is trading at a key resistance level.

The price initially pushed strongly into 3000 but has failed to gain enough momentum to break through the level.

Monday was a small bearish day and Tuesday showed a small rally after rumors for a potential vaccine came up.

A breakout above the 3000 level will make the current pattern look like a buildup. When the price fails to break higher, the price may see another bearish correction into the range lows.

Sentiment feels more bullish and the Put-Call ratio is currently at a very low level which could further indicate bullishness.  Bears certainly have a harder time.

 

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