SPX - Rejection Into Bear Market? ð§
SPX having broken under the 200DMA for the first time since 2020 appears to be falling into a technical bear market.
V shaped recovery now appears to have been blocked by what could be a very significant shooting star candle circled that has wicked through the 200DMA - showing heavy sell pressure coming in.
This rejection could still be part of a larger correction that could take price back above 200DMA, but now after this rejection it is much more likely that any upthrust above will itself be a connective and regressive B or X wave to then take price further down.
That said SPX is a very bullish chart and may find a way to wriggle up and sideways some more.
Either way I would not be adding to any long positions here and if a bear market does continue then extreme deep value is coming for many names that were already beaten down - that I have been covering.
If the bear market continues I would expect price to re-test the 2020 highs at 3.4K. It could go further or much further of course - we'll just have to see how it unfolds.
Not advice.
V shaped recovery now appears to have been blocked by what could be a very significant shooting star candle circled that has wicked through the 200DMA - showing heavy sell pressure coming in.
This rejection could still be part of a larger correction that could take price back above 200DMA, but now after this rejection it is much more likely that any upthrust above will itself be a connective and regressive B or X wave to then take price further down.
That said SPX is a very bullish chart and may find a way to wriggle up and sideways some more.
Either way I would not be adding to any long positions here and if a bear market does continue then extreme deep value is coming for many names that were already beaten down - that I have been covering.
If the bear market continues I would expect price to re-test the 2020 highs at 3.4K. It could go further or much further of course - we'll just have to see how it unfolds.
Not advice.
āļāļąāļāļāļķāļ
Price popped up and now formed a bearish gravestone doji / shooting star candle through the 0.618 retracement. This could be a signal this is a B wave to take price lower. If it gets much passed 0.7 then probably will test the highs again.āļāļąāļāļāļķāļ
This is a very important week for indexes. If this was a stock I'd say very good chance its already in a crash structure, however indexes are more bullish and good chance this will make a wyckoff UT also. If it trends bearish this week then it could get wild.
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I'm taking a break from TradingViewððŧ.
But offering 20% discount to join my group ððŧ
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Telegram Group: $40 for first month in January (then $50)âĻ.
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But offering 20% discount to join my group ððŧ
Lots of content every day with regular videos, 1:1 and chatroom ð.
Telegram Group: $40 for first month in January (then $50)âĻ.
Contact: t.me/dRends35
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