Will the BEARS have the STRENGTH they NEED?
SPX triggered the Bearish Engulf it did yesterday, and we had a bearish session today. As I’ve been saying in my latest analyses, personally I prefer to long VIX than short SPX, because VIX has more potential. If you missed my last analyses, the link to them are below, and I invite you to follow me, I’m every day here and you’ll keep in touch with our trades and analyses.
Despite of the bearish sign we had today, we are still in a bull trend, and the price has yet to confirm that double top. Either way, the bulls couldn’t keep the price above the 61.8% fib retracement and now is close to the 21 ema. If tomorrow the price close under that blue line, the double top will be officially triggered and SPX will seek further supports, which could be the previous bottom (orange line), or the 38.2% fib retracement (which coincides with a previous top, evidenced by other orange line).
Now, let’s look at the hourly chart, as usual:
Ok, SPX lost the purple trendline, the same one which saved us from two bear traps recently – again, link below. Now the bears got problems trying to pass through the “support zone”, which is made of two previous bottoms, and that blue line is the most important one, because is the same blue line that will trigger the double top in the daily chart. Let's see if the bears will have what it takes to change the trend.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Despite of the bearish sign we had today, we are still in a bull trend, and the price has yet to confirm that double top. Either way, the bulls couldn’t keep the price above the 61.8% fib retracement and now is close to the 21 ema. If tomorrow the price close under that blue line, the double top will be officially triggered and SPX will seek further supports, which could be the previous bottom (orange line), or the 38.2% fib retracement (which coincides with a previous top, evidenced by other orange line).
Now, let’s look at the hourly chart, as usual:
Ok, SPX lost the purple trendline, the same one which saved us from two bear traps recently – again, link below. Now the bears got problems trying to pass through the “support zone”, which is made of two previous bottoms, and that blue line is the most important one, because is the same blue line that will trigger the double top in the daily chart. Let's see if the bears will have what it takes to change the trend.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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