Futures Showing Weakness, It may be time to retest 4400
All throughout this rally Bears have been calling for an inverse head and shoulders. We never got it and so many retail put buyers got absolutely REKT during the squeeze to 4600.
At this point though it looks like all of our overbought signals are finally rolling over and turning bearish. We cracked the rising channel that we painted after the squeeze to 4500 and are now firmly turning negative.
Based on seasonality and the upcoming fed meeting on December 13th I drew a blue water slide that takes us back to the 4400 area and the trendline that we cracked earlier in November. I am thinking we may end up sliding back down there and painting that Inverse Head and Shoulders after all, just later than everyone expected.
Just my opinions on the upcoming week and a half, perhaps its finally time that bears made some profit, assuming they didn't pig out and bust last month ;)
Good Luck, Safe Trades <3
At this point though it looks like all of our overbought signals are finally rolling over and turning bearish. We cracked the rising channel that we painted after the squeeze to 4500 and are now firmly turning negative.
Based on seasonality and the upcoming fed meeting on December 13th I drew a blue water slide that takes us back to the 4400 area and the trendline that we cracked earlier in November. I am thinking we may end up sliding back down there and painting that Inverse Head and Shoulders after all, just later than everyone expected.
Just my opinions on the upcoming week and a half, perhaps its finally time that bears made some profit, assuming they didn't pig out and bust last month ;)
Good Luck, Safe Trades <3