The similarities between the 2 leg ups are obvious and in a way funny.
If we look at the average move we can see how unrealistic this move is.
I am calling out a false breakout a bit early (I could be wrong). I am getting more confident on the downward move next week.
I am not against bullish moves but the current political, and Economic environment is NOT at all conducive to such a huge move.
Do I think there may be more upside to the current trend- Probably Yes.
Do I think SPX will make a new ATH- No.
I would like to reiterate what I mentioned in my last post. Trading at the resistance and support levels doubles your risk. wait for some sort of confirmation before placing a trade.
Thank you for reading.
Feel Free to comment your opinions.
**Just an Opinion.
If we look at the average move we can see how unrealistic this move is.
I am calling out a false breakout a bit early (I could be wrong). I am getting more confident on the downward move next week.
I am not against bullish moves but the current political, and Economic environment is NOT at all conducive to such a huge move.
Do I think there may be more upside to the current trend- Probably Yes.
Do I think SPX will make a new ATH- No.
I would like to reiterate what I mentioned in my last post. Trading at the resistance and support levels doubles your risk. wait for some sort of confirmation before placing a trade.
Thank you for reading.
Feel Free to comment your opinions.
**Just an Opinion.
Comment:
we saw the formation of a long upper wick on the daily candle. A reversal tomorrow seems probable
Comment:
Important Technical Update:
The MACD crossed over below the zero line and looking at the past data such a crossover is accompanied by an average gain of 200 poins on the SPX index.
Keep this in consideration before taking your trades.
It may be a false signal as we are about a see a bearish crossover on smaller time frames (1h and below).
it's good to be informed either way.
The MACD crossed over below the zero line and looking at the past data such a crossover is accompanied by an average gain of 200 poins on the SPX index.
Keep this in consideration before taking your trades.
It may be a false signal as we are about a see a bearish crossover on smaller time frames (1h and below).
it's good to be informed either way.