The S&P500 index (SPX) just hit today its 1D MA50 (blue trend-line) again for the first time after June 11. That test turned out to be a Low with the index rebounding but staying below Lower Highs again, within a Channel Down pattern, that eventually initiated a new Bearish Leg.
If the 1D MA50 breaks this time (i.e. closes a 1D candle below), expect a Lower Low on this Bearish Leg, targeting a huge Support cluster. That is the region created by Support Zone 1, the 0.382 Fibonacci retracement level and the range within the 1D MA100 (green trend-line) and the 1D MA200 (orange trend-line).
We expect it to hit the 1D MA100 at least at 7100. Notice also that all this price weakness/ correction was initiated after a clear 1D RSI Lower Highs Bearish Divergence against the price's Higher Highs.
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If the 1D MA50 breaks this time (i.e. closes a 1D candle below), expect a Lower Low on this Bearish Leg, targeting a huge Support cluster. That is the region created by Support Zone 1, the 0.382 Fibonacci retracement level and the range within the 1D MA100 (green trend-line) and the 1D MA200 (orange trend-line).
We expect it to hit the 1D MA100 at least at 7100. Notice also that all this price weakness/ correction was initiated after a clear 1D RSI Lower Highs Bearish Divergence against the price's Higher Highs.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.