SPX top is sitting at 2940.91. After touching this level, it has now gone down and tested EMA10 (light blue line) as support.
Looking at the history of this chart, it is easy to see that EMA10 always works as support for SPX . But each time EMA10 is broken, support is next found right at the EMA50 line. I marked this with red arrows and lines on the chart. I also marked some dates for you.
Here is a longer term chart with additional examples:
- Expect SPX to break down if EMA10 (2875 is broken). We need to break and close below this level on the weekly candle to active this trade.
- Our target will be EMA50 (magenta line) sitting at 2729.56.
- Stop loss. Close above 2940.
To further support my bias, I spotted the following signals:
- divergence on the . Building up since January 2018 (marked purple line).
- divergence on the .
- Decreasing .
This is no financial advice.
All information here shared for learning and entertainment purposes only.
Thanks a lot for reading.
Your support is highly appreciated.
- Decreasing volume.
- RSI bearish divergence.
SPX Price hits 2710.51. TARGET REACHED.
Another 10% drop coming in the next few weeks.
Apple Inc (APPL):