SP500 "16 days of bearish movement" by ThinkingAntsOk

On today’s post, we are going to have a look over the last 16 days when the SP500 started a bearish movement. going from 2961,5 to 2799.0 (-5,44%)

- We can see that the bearish channel that works as the main trend was broken yesterday starting a corrective structure that now is facing a major resistance zone

- That zone is composed by the previous ascending trendline that was broken, we can expect a pullback to that area. And also in the zone, we have a resistance level.

- We expect the price to stay between the resistance level and the ascending trendline that was broken, we can see that volume is decreasing and recently a 4H pin bar was completed over this area.

- If the price consolidates there and we find reversal signals then we will be looking for Short setups on the breakout of the current corrective structure trendline.

- If price re-enters the ascending trendline and closes above that area, we will cancel our short vision over SP500.


This vision is just an Idilic concept on how e-mini sp500 can evolve, we will give an update on the situation when price and volume give us more information on how to proceed


WEEKLY VISION:




*Please note that the above perspective is our view on the market, We do not give signals and take no responsibility for your trades.