SPX / ES Looks to distribute
Prices have soared for the last month and a half.
Only now have we experienced a stutter in the trend. Looking at the daily stochastic, there was a crossover that occurred yesterday to the downside.
Technically speaking, we failed to breach Feb highs today, while creating daily stochastic and MACD bearish divergence.
There is also a trend line which was broken yesterday and subsequently. Back tested today, it failed to close above.
Through this week into next, I am looking to go short with a target of 3270 and 3180
Only now have we experienced a stutter in the trend. Looking at the daily stochastic, there was a crossover that occurred yesterday to the downside.
Technically speaking, we failed to breach Feb highs today, while creating daily stochastic and MACD bearish divergence.
There is also a trend line which was broken yesterday and subsequently. Back tested today, it failed to close above.
Through this week into next, I am looking to go short with a target of 3270 and 3180