SPX is looking a little extended at these levels, with bearish divergence on the MACD signaling waning momentum, i would look to see a slight ease, from these levels
Looking at potential targets, the major pivot around $4050 USD also falls on the 50% fib retracement of the most recent leg up.
A less aggressive pullback could entail a retest of the 50 SMA. currently around $4120 USD
In any case the market has been running hot and a pullback to some degree is inevitable, however given the macro background, unless the Fed signals they will begin tapering/ raise rates and/or the federal government pulls the stimulus and unemployment support out from under the population (highly unlikely) I see the market still pursuing a "risk on" trade at least for the time being.
-TradingEdge
Looking at potential targets, the major pivot around $4050 USD also falls on the 50% fib retracement of the most recent leg up.
A less aggressive pullback could entail a retest of the 50 SMA. currently around $4120 USD
In any case the market has been running hot and a pullback to some degree is inevitable, however given the macro background, unless the Fed signals they will begin tapering/ raise rates and/or the federal government pulls the stimulus and unemployment support out from under the population (highly unlikely) I see the market still pursuing a "risk on" trade at least for the time being.
-TradingEdge
For more analysis, consider joining our telegram group for trade updates and ongoing opportunities, link in my profile.
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For more analysis, consider joining our telegram group for trade updates and ongoing opportunities, link in my profile.
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.