Happy New Year for S&P???
While there have been no signficant negative moving average crosses on the Daily chart (apart from being near to the 100 Day SMA again),the 4 Hours charts are showing signs of negative rotation with the 20 Ma crossing beneath the 50 MA and the 100 starting to cross below the 200 MA.
Short term, it's tempting to sell above 5950 with a stop above 5962.The prior order block level above at 5980-6116 is now important resistance and a close above it might signal that 5865 acts as an important swing low.
Conversely a daily close beneath 5900 implies a test of 5965 is on the card and even potentially augurs a hurried visit to the 200 day MA level at 5716.
My hope is to stay patient and get short at decent levels with tight stops until the market tells me otherwise.
Remember there is a long bias at play in S&P and New Year Inflows might temper the conviction of the most enthusiastic bears.
Happy New Year Everyone!
Short term, it's tempting to sell above 5950 with a stop above 5962.The prior order block level above at 5980-6116 is now important resistance and a close above it might signal that 5865 acts as an important swing low.
Conversely a daily close beneath 5900 implies a test of 5965 is on the card and even potentially augurs a hurried visit to the 200 day MA level at 5716.
My hope is to stay patient and get short at decent levels with tight stops until the market tells me otherwise.
Remember there is a long bias at play in S&P and New Year Inflows might temper the conviction of the most enthusiastic bears.
Happy New Year Everyone!
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