This is a mid-term short play that i spotted on S&P 500 that will most likely play out within a month. This is definitely not a scalp or swing trade.
Key levels marked out on chart:
1) 2018 High
2) Quarterly Opens
3) Monthly Open
4) Grey box - Weekly block that provided support previously
Bearish Bias:
- Monthly Bearish Divergence : Price keep printing Higher High, yet RSI prints lower high. This suggests bullish momentum of the Index is depleting.
- July Monthly candle close as a Shooting Star
- Shift in Market structure on the Daily Time Frame since rally from June (Lower low)
Confluence for trade:
- 2D Bearish RSI Divergence
- Previous H4 Block that provided support now turns into Resistance
Key levels marked out on chart:
1) 2018 High
2) Quarterly Opens
3) Monthly Open
4) Grey box - Weekly block that provided support previously
Bearish Bias:
- Monthly Bearish Divergence : Price keep printing Higher High, yet RSI prints lower high. This suggests bullish momentum of the Index is depleting.
- July Monthly candle close as a Shooting Star
- Shift in Market structure on the Daily Time Frame since rally from June (Lower low)
Confluence for trade:
- 2D Bearish RSI Divergence
- Previous H4 Block that provided support now turns into Resistance
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