The S&P has had an extraordinary run in November. It has moved up 400 points from the low and now looks to have consolidated and waiting to drop. Here are the reasons we want to sell this pair this week.
1) Daily RSI is overbought
2) H4 RSI is overbought and there is a double top
3) There is a Weekly pattern to sell which reacted previously and now there is a TYPE 2 test.
4) Strong resistance of last week's high of 4525 is there
This will be a long term trade. S&P takes time to come down so I expect this to run for about 4-5 weeks.
1) Daily RSI is overbought
2) H4 RSI is overbought and there is a double top
3) There is a Weekly pattern to sell which reacted previously and now there is a TYPE 2 test.
4) Strong resistance of last week's high of 4525 is there
This will be a long term trade. S&P takes time to come down so I expect this to run for about 4-5 weeks.
