Oh-oh, here's the BEARS again!
Hello guys! So, SPX it’s trapped within this sideway trend since April 29, and today it failed again in breaking out of it. You guys know that I think this bull trend is just FOMO, but let’s try to find out some sense of it.
Yes, today's candle throws a bucket of cold water at the bulls. Maybe it’s a triple top here, but we need the confirmation tomorrow, and SPX failed in closing above the 61.8% fib retracement, which I said in my last analysis it was a very important thing to do, otherwise there will be people wondering if it’s a triple top, just like me right now. If you missed my last analysis, the link to it is below.
But let’s see the hourly chart, because there’re some interesting clues there:
Maybe, what the bulls really need is a pullback here to gather the strength they need to officially breakout from this sideway trend, and the best way to do this is through a pivot. Also, if you are still here you must be finding what I’m saying here at least a little interesting, right? So, support this idea, and remember to follow me to keep updated about my trades and analyses, I’m everyday here, and I’m sure you’ll find something useful to you.
Now, let’s look at the weekly chart:
See why the bulls should react quickly? We are under a fib retracement and near the 21 ema at the weekly chart, if a pullback would be made, it’s easy to imagine SPX back to the 38.2% fib retracement again. Let’s see how things will work out for SPX!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Yes, today's candle throws a bucket of cold water at the bulls. Maybe it’s a triple top here, but we need the confirmation tomorrow, and SPX failed in closing above the 61.8% fib retracement, which I said in my last analysis it was a very important thing to do, otherwise there will be people wondering if it’s a triple top, just like me right now. If you missed my last analysis, the link to it is below.
But let’s see the hourly chart, because there’re some interesting clues there:
Maybe, what the bulls really need is a pullback here to gather the strength they need to officially breakout from this sideway trend, and the best way to do this is through a pivot. Also, if you are still here you must be finding what I’m saying here at least a little interesting, right? So, support this idea, and remember to follow me to keep updated about my trades and analyses, I’m everyday here, and I’m sure you’ll find something useful to you.
Now, let’s look at the weekly chart:
See why the bulls should react quickly? We are under a fib retracement and near the 21 ema at the weekly chart, if a pullback would be made, it’s easy to imagine SPX back to the 38.2% fib retracement again. Let’s see how things will work out for SPX!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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