Chart shows a possible double top forming after the strong relief rally we saw after the crash in March. I think it is possible that if 2850-2900 level becomes resisted again, then the index could fall to the next major support level of 2700.
There is an opportunity to short the SP 500 on bounce off the descending channel support line turned resistance.
- Short entries may be initiated now at the peak of the recent pullback from 2726.00 around the 2770 region.
- Stop Losses should be above the swing high of corrective 2772.6 (Red Horizontal)
- Target Point A: 2726.9 (Green Horizontal)
In this trade I intend on shorting the SPX, S&P 500 or US500 (depending on your broker) following a bearish breakout and close of the potential bearish rising wedge formation.
This trade is based upon the following technical factors that we can potentially see from the 4H chart:
1. Bearish rising wedge formation
2. Resistance at the 61.80 fib retracement
S&P SHORT OPPORTUNITY - CATCH THE RETRACEMENT AND KEEP EYE FOR BULLISH MOMENTUM
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S&P500 INDEX IDEA
- Respected key level zone
- Retracement point and continue LONGTERM bullish momentum
- COVID-19 effecting currencies like crazy while index is doing a madness
- Retracement of price and market volatility...
Maybe too early to say, but one of the many possibilities we could see the S&P500 do over the next few weeks is a head and shoulders pattern. That might just send it back down to the $2200 level or even lower. Just a possibility. Nor long or short on this one.
After are few weeks seeing a pull back by the bulls by 20%, In late April a push down to nearly 30% to corrective levels by the bears to me seems to be arising and then this should be the bottom before we clime to 4000 level.
Sorry If my English is Sh*t.
this will decide whether it can go back into its original trend by going through the resistance or bounce back and stay in the lines given. unless more money is injected I think It will go lower and would be a good sell point
The S&P 500 (SPX) is now starting to bounce.
The sellers are exhausted according to the indicators and we are seeing a strong jump taking place today.
We have more details on the chart above.
We believe that prices can bounce before producing one final strong drop, but it all depends on how these support and resistance levels are handled, we remain open to all...
The monthly bullish structure for S&P500 is undoubtedly still intact, however, investors need to be more cautious at this moment. Price needs to be rejected between 2325 & 2493 for the index to re-test its swing high at 3403, otherwise the easiest route is still to continue to decline.
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk...
With the events that are currently spurring around the world it poses a great question as to whether a bear market is possible to be sparked in this climate. Only time will tell, but the historical trend line on this chart by itself looks plausible...
50%+ declines have been seen numerous times throughout the past 100 years, and as its been a longer than usual...