After hitting the 1.2000 level, SPX6900 has been failing to break above and created a key resistance on the intraday/4h chart at 1.1700 level. After multiple failed attempts to break 1.1700, price has slowed down and found support at the 0.9900 level, which I consider a key weekly level.
A slow build-up of momentum has taken price from the weekly support back towards 1.1700 level for another potential attempt at breaking the resistance. With the new month ongoing and general cycle on BTC still bullish (BTC above EMA50), I expect a successful breakthrough from the current price action.
Looking to trade the SPX futures towards next weekly level of 1.6500 and above to price discovery as soon as a clear break of structure is confirmed on the 1-hour timeframe and price closes above 1.1100, to which at this point I have about 3 minutes to go.
No clear stop loss however, IF price continues to fall and 4h closes below 0.98, I will consider the market to have turned bearish and close my trade.
A slow build-up of momentum has taken price from the weekly support back towards 1.1700 level for another potential attempt at breaking the resistance. With the new month ongoing and general cycle on BTC still bullish (BTC above EMA50), I expect a successful breakthrough from the current price action.
Looking to trade the SPX futures towards next weekly level of 1.6500 and above to price discovery as soon as a clear break of structure is confirmed on the 1-hour timeframe and price closes above 1.1100, to which at this point I have about 3 minutes to go.
No clear stop loss however, IF price continues to fall and 4h closes below 0.98, I will consider the market to have turned bearish and close my trade.
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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.