There are conflicting signals with the SP500.
Yes it is definitely in a BULL market no doubt about that.
This is defined as a rising trend and with 7>21>200. And the price is above 200MA (main decider).
However, the indicators are showing a potential Sell Divergence as the RSI is making lower highs.
This does seem to be a Rising Wedge but the concern is the low direction of the prior trend.
This is a classic example to play the trade depending on the breakout.
If it breaks up the next target could head to 5,531
If it breaks down, we could see it heading back to the 200MA with a target of 4,415
Which direction are you vouching for?
Yes it is definitely in a BULL market no doubt about that.
This is defined as a rising trend and with 7>21>200. And the price is above 200MA (main decider).
However, the indicators are showing a potential Sell Divergence as the RSI is making lower highs.
This does seem to be a Rising Wedge but the concern is the low direction of the prior trend.
This is a classic example to play the trade depending on the breakout.
If it breaks up the next target could head to 5,531
If it breaks down, we could see it heading back to the 200MA with a target of 4,415
Which direction are you vouching for?
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
www.facebook.com/groups/matitrader
🌐Website:
www.timonandmati.com
💰FREE Discord:
discord.gg/c8f37kyv35
Twitter:
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)