Hi Traders!
There is a potential double top pattern formed on the 1D S&P500 chart, and there is potential for further moves to the downside depending on whether we get another price rejection at the important 4393.57 level, which is the 4-week high.
Price Action 📊
The market has had a big price rejection around the 4393.57 level and has now reached that level again. There is potential for a short entry with a small stop loss above 4393.57 for good risk-reward opportunities.
Fundamental Analysis 📰
There were weak US major figures recently posted, with weaker than expected PMI figures and Non-Farm jobs data. The Fed also failed to commit to further interest rate hikes, which has left traders nervous about the US dollar.
Support 📉
4355.41: PREVIOUS DAY'S LOW
4284.79: 20 EMA
4103.78: 2 WEEK LOW
Resistance 📈
4386.26: PREVIOUS DAY'S HIGH
4393.57: 4 WEEK HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a potential double top pattern formed on the 1D S&P500 chart, and there is potential for further moves to the downside depending on whether we get another price rejection at the important 4393.57 level, which is the 4-week high.
Price Action 📊
The market has had a big price rejection around the 4393.57 level and has now reached that level again. There is potential for a short entry with a small stop loss above 4393.57 for good risk-reward opportunities.
Fundamental Analysis 📰
There were weak US major figures recently posted, with weaker than expected PMI figures and Non-Farm jobs data. The Fed also failed to commit to further interest rate hikes, which has left traders nervous about the US dollar.
Support 📉
4355.41: PREVIOUS DAY'S LOW
4284.79: 20 EMA
4103.78: 2 WEEK LOW
Resistance 📈
4386.26: PREVIOUS DAY'S HIGH
4393.57: 4 WEEK HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
JOIN OUR FREE TELEGRAM CHANNEL
t.me/bluetonaFX
t.me/bluetonaFX
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
JOIN OUR FREE TELEGRAM CHANNEL
t.me/bluetonaFX
t.me/bluetonaFX
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.