S&P: Bearish reversal (2,950) with invalidation level.
As per our last study, the +100 pip target has been reached:
The index has approached the Higher High zone of the 1W Channel Up (RSI = 64.884, MACD = 62.620, Highs/Lows = 78.1742) and the 1D RSI is close to the 71.30 level which since February 2019 has always caused a pull back.
When on the Higher High trend line of the 1W Channel Up in particular, the 71.00 1D RSI level starts a bearish sequence that drops all the way to the Higher Low trend line, with the 1D MA200 (orange) acting as the Support.
S&P is now on such a spot and if this pattern is repeated then we are looking at a Higher Low contact with the 1D MA200 at least at 2,950.
Attention is needed however. As per our last study (seen on the chart above), it is possible for SPX to start a new 12 month aggressive bullish sequence if 3,150 breaks (similar to what happened in 2016/2017). So be ready to exit this trade in time if you are a long term trader/ investor.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
The index has approached the Higher High zone of the 1W Channel Up (RSI = 64.884, MACD = 62.620, Highs/Lows = 78.1742) and the 1D RSI is close to the 71.30 level which since February 2019 has always caused a pull back.
When on the Higher High trend line of the 1W Channel Up in particular, the 71.00 1D RSI level starts a bearish sequence that drops all the way to the Higher Low trend line, with the 1D MA200 (orange) acting as the Support.
S&P is now on such a spot and if this pattern is repeated then we are looking at a Higher Low contact with the 1D MA200 at least at 2,950.
Attention is needed however. As per our last study (seen on the chart above), it is possible for SPX to start a new 12 month aggressive bullish sequence if 3,150 breaks (similar to what happened in 2016/2017). So be ready to exit this trade in time if you are a long term trader/ investor.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
