It seems that the S&P500 is in the early stages of an ending diagonal. Once that is complete we will see a massive sell off in the S&P500. The dollar will gain strength no matter what the FED decides. The price will do what it has to do and we can only manipulate so much. However I think the top is not in place yet for the S&P500. Short term I will be looking for a sell opportunity for wave 2 of the ending diagonal.
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Comment:
We saw the bearish acceleration in the S&P 500 along with dollar strength and a bearish reversal in Oil and Gold once again yesterday. Everything moves therefore according to plan. Structure is leading for me when it comes to trading but understanding the overall market dynamic is THE way to increase your success ratio and THE way to add context to the charts. Because data represents something although it might not always be obvious. Once you understand that, interpreting fundamentals makes sense as well. I rather have three aces at hand than only 1. That's why there is no one best way for me, it is the combination that tells you what's most likely going on. Have a great weekend all!
