The SP500 index seems to have topped @ 4476. Technical analysis points to a sharper correction this time around:
- prices broke-out the long term bullish trendline
- short-term SMAs form an intersection above traded price
- short volumes are accelerating, as the daily range expands
- the new top formation saw the lowest traded volumes, signaling an exhausted market and low buying interest at these levels.
Next support should stand @ 4200. Short positions till this point, at least, should be easy money.
Below this level, more stops might get triggered.
Looking forward to your thoughts!
Trade smart!
- prices broke-out the long term bullish trendline
- short-term SMAs form an intersection above traded price
- short volumes are accelerating, as the daily range expands
- the new top formation saw the lowest traded volumes, signaling an exhausted market and low buying interest at these levels.
Next support should stand @ 4200. Short positions till this point, at least, should be easy money.
Below this level, more stops might get triggered.
Looking forward to your thoughts!
Trade smart!