Yesterday the S&P500 Index made a very dramatic reversal at the end of the trading session. Today it has formed a very curious setup at precisely that same reversal point. The sellers look exhausted and it seems like a turnaround might be in the cards for the afternoon session. My favorite indicator the Relative Strength is showing bull divergence which is even more evidence for the bullish scenario. If the high of that big bull candle is broken then the bull sentiment will be confirmed.
UPDATE:
The first setup did not materialize any meaningful momentum. However this setup right now has very good potential. If the top of that "pinbar" breaks it's high it will be another bullish bias setup. Triple divergence has formed and this is looking like a very likely scenario that the S&P500 might reverse direction here. If this bad boy breaks to the upside the first resistance area has been marked on the screenshot bellow.
