RIP S&P 500?
The SPX has reached the critical 1.618 Fibonacci level (using last retraction as reference) at the same time this could be interpreted as a retest of the broken bearish channel, which has been built up since the end of last year.
This looks like an alert for what may come next if the Stock market decides to head downwards and revisit some old levels. ⚠
Plus, the RSI indicates an overbought market, supporting the bearish view on this.
What do you think? An answer to that should come very soon, anyway...
Safe tradings everyone.
This looks like an alert for what may come next if the Stock market decides to head downwards and revisit some old levels. ⚠
Plus, the RSI indicates an overbought market, supporting the bearish view on this.
What do you think? An answer to that should come very soon, anyway...
Safe tradings everyone.
Note
There is the resistance. Exactly as predicted. Congratulations to the ones who shorted it! Let's see how low it can get now or if it decides to resume the uptrend anytime soon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.