LIKE IF YOU THINK THE SP500 IS READY FOR A CORRECTION?!
Hi Traders,
Today is the first day of the month September. August closed higher than July, the trend on the long term is still positive. Since 12 July the SP500 moved between 2193 and 2147. Slightly higher / more side ways.
Despite the trend on the long term is positive I suspect the SP500 is ready for a correction this month. The candles shows some weakening and that is reflected in the RSI indicator that shows some Negative Divergence. I suspect that the move will be like a kind of head and shoulder but this is not necessary. The volatility can build up, and than the moves will be greater.
Small Resistance is around 2173, bigger resistance can be found around 2180.
Levels that can give some support are around 2140 and when this level breaks around 2120.
When the price will break 2120 it gives way to a larger move to the downside. Large support can be found around 2070.
So in short summery; On the short term I suspect a Correction to at least 2128 - 2125. On the long term I suspect the the positive trend will be sustained.
I will give some updates if needed to keep you up to date on what to suspect. If you have questions please don't hesitate to give a comment below or sent a message.
Today is the first day of the month September. August closed higher than July, the trend on the long term is still positive. Since 12 July the SP500 moved between 2193 and 2147. Slightly higher / more side ways.
Despite the trend on the long term is positive I suspect the SP500 is ready for a correction this month. The candles shows some weakening and that is reflected in the RSI indicator that shows some Negative Divergence. I suspect that the move will be like a kind of head and shoulder but this is not necessary. The volatility can build up, and than the moves will be greater.
Small Resistance is around 2173, bigger resistance can be found around 2180.
Levels that can give some support are around 2140 and when this level breaks around 2120.
When the price will break 2120 it gives way to a larger move to the downside. Large support can be found around 2070.
So in short summery; On the short term I suspect a Correction to at least 2128 - 2125. On the long term I suspect the the positive trend will be sustained.
I will give some updates if needed to keep you up to date on what to suspect. If you have questions please don't hesitate to give a comment below or sent a message.
Trade active:
And we are in at 2173,6..
To Quote myself as said above: "So in short summery; On the short term I suspect a Correction to at least 2128 - 2125. ..... ." This Target is Reached, the profits are locked.