Are we seeing the start of a downtrend for SPX500?
Are we seeing the start of a downtrend for SPX500?
Last week, we broke out of the rising wedge and gapped down.
Currently, MACD, RSI, 2 Day "Rate of Change" and Filter wave are all showing bearish signals.
Therefore, I am leaning towards the market to go down.
If we close below 2934 (0.618 Fib retracement and 50 moving average),
it is a CONFIRMED downtrend for me.
Lastly, we cannot rule out sideways actions, it will not surprise me that we trade between the fib levels (2934 and 3136) for the next 5 days.
Last week, we broke out of the rising wedge and gapped down.
Currently, MACD, RSI, 2 Day "Rate of Change" and Filter wave are all showing bearish signals.
Therefore, I am leaning towards the market to go down.
If we close below 2934 (0.618 Fib retracement and 50 moving average),
it is a CONFIRMED downtrend for me.
Lastly, we cannot rule out sideways actions, it will not surprise me that we trade between the fib levels (2934 and 3136) for the next 5 days.
