S&P500 Weekly chart has a Lower High!
As expected weeks ago, the S&P500, and the futures ES1! , showed a mini-rally, and a very suspicious one at that.
The last week not only fell flat, it closed down with a bearish candle for the week.
Technically, MACD has crossed down and remains down trending, albeit slightly.
The Top8 traders Net Positions (yellow line, lower panel) had already broken down of support line.
And this week, the Non-Commercial Net Positions (orange line, lower panel) just broke down of support line too.
A Lower High is clearly made and anything less than 3200 is a Lower Low, following the Lower High.
Overall, this is indicative of downside risks as head winds pick up speed, accentuated by the uncertain US elections.
Just about into the window, the S&P500 futures weekly chart get into an ominous technical situation. Which may indicate a Biden/Democrat win expectation outcome.
Watch the breakdown of support levels of 3300 and 3200, giving way would be rather disastrous.
In any case, volatility cycle is back!
The last week not only fell flat, it closed down with a bearish candle for the week.
Technically, MACD has crossed down and remains down trending, albeit slightly.
The Top8 traders Net Positions (yellow line, lower panel) had already broken down of support line.
And this week, the Non-Commercial Net Positions (orange line, lower panel) just broke down of support line too.
A Lower High is clearly made and anything less than 3200 is a Lower Low, following the Lower High.
Overall, this is indicative of downside risks as head winds pick up speed, accentuated by the uncertain US elections.
Just about into the window, the S&P500 futures weekly chart get into an ominous technical situation. Which may indicate a Biden/Democrat win expectation outcome.
Watch the breakdown of support levels of 3300 and 3200, giving way would be rather disastrous.
In any case, volatility cycle is back!
