SPX is currently on the wrong foot again as last week's quick recovery on the impressive Nonfarm Payrolls is proving to be too unstable. The index is well within the multi month 1W Channel Up (RSI = 64.964, MACD = 69.900, Highs/Lows = 55.7180) but as it trades on the Higher High trend line, a medium term pull back for a Higher Low is technically justified.
The first Signal on this could be the emerging Death Cross formation on 4H. When then very same pattern was formed (August 5th and May 13th) during the two previous Higher Highs of the multi month Channel Up, S&P was either on the new Higher Low (bottom) or halfway to it. It is obvious then that traders position themselves before this formation takes place and currently it is emerging.
Each decline was roughly -8%, so we've set a Target Zone of 2,910 - 2,950.
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The first Signal on this could be the emerging Death Cross formation on 4H. When then very same pattern was formed (August 5th and May 13th) during the two previous Higher Highs of the multi month Channel Up, S&P was either on the new Higher Low (bottom) or halfway to it. It is obvious then that traders position themselves before this formation takes place and currently it is emerging.
Each decline was roughly -8%, so we've set a Target Zone of 2,910 - 2,950.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
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Account RECOVERY services.
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.