Are the Bears getting their Paycheck finally?
Last week's SP500 candle closed with the shape of what Trader like to call a “hanging Man Candle”
This Candle shape is normally seen as a reversal Candle.
On the TomDeMark Indicator the hanging Man Candle was on a 8 of 9 Count what is just saying that this upmove is coming into an area where the probability of at least a pullback is more likely to happen.
A Weekly Reversal Candle signed with a DeMark 9 Count would be textbook DeMark indicator Trading, but looking into the past the DeMark Count on the SP500 Chart it didn't actually worked that well on this Index. Most of the time the price already pulled back on a 7 of 9 or traded for 1-4 candles after the 9 sideways or up before initiating any sort of direction change.
But regardless of the Count trader that following the DeMark Sequential indicator cant ignore the situation that we are currently in a realy extended Move.
Past Weeks were totally crazy looking into the lower timeframes reacting to every Trump Tweet like a lunatic.
The Weekly Stochastic is at high levels in the Bullish Control Zone and already Crossed to the downside.
RSI is hovering below the Bullish Control Zone (65-80) above the RSI
The MFI is not giving us any clear divergence on Weekly yet but it is retracing while price action is crawling up.
Looking at the Weekly EMA we touched last week the 10 EMA.
If we see this Weeks Price starting to decline I would like to see the Price at least Pull back to the 0.236 Fib level or the Weekly 50 EMA around 2950.
I am currently holding Shorts with an inverse ETF and will probably close them in this Target Vicinity.
Trade Safe!
===============
Koboltrading.com
Last week's SP500 candle closed with the shape of what Trader like to call a “hanging Man Candle”
This Candle shape is normally seen as a reversal Candle.
On the TomDeMark Indicator the hanging Man Candle was on a 8 of 9 Count what is just saying that this upmove is coming into an area where the probability of at least a pullback is more likely to happen.
A Weekly Reversal Candle signed with a DeMark 9 Count would be textbook DeMark indicator Trading, but looking into the past the DeMark Count on the SP500 Chart it didn't actually worked that well on this Index. Most of the time the price already pulled back on a 7 of 9 or traded for 1-4 candles after the 9 sideways or up before initiating any sort of direction change.
But regardless of the Count trader that following the DeMark Sequential indicator cant ignore the situation that we are currently in a realy extended Move.
Past Weeks were totally crazy looking into the lower timeframes reacting to every Trump Tweet like a lunatic.
The Weekly Stochastic is at high levels in the Bullish Control Zone and already Crossed to the downside.
RSI is hovering below the Bullish Control Zone (65-80) above the RSI
The MFI is not giving us any clear divergence on Weekly yet but it is retracing while price action is crawling up.
Looking at the Weekly EMA we touched last week the 10 EMA.
If we see this Weeks Price starting to decline I would like to see the Price at least Pull back to the 0.236 Fib level or the Weekly 50 EMA around 2950.
I am currently holding Shorts with an inverse ETF and will probably close them in this Target Vicinity.
Trade Safe!
===============
Koboltrading.com