SPX looks to have formed a Bearish Divergence on both xSilas' Godmode and MACD indicators (bottom of my chart, see descending red lines). Candles are displaying a loss of momentum/buyer indecision at the top after tapping the resistance line (thick white ascending line) in the forms of an inverted hammer followed by a spinning top. It is also all sitting at the top end of the Bollinger Bands. To me, this is a pretty nice place to enter a short position order just below the day's low today, ~2856.
2816-2800 is where I would be taking profits*, tending toward the upper end (2816), as lately, SPX is consistently achieving higher lows on each down swing. Stop loss would be anywhere above 2873, 1 on the Fib Extension lines.
*I'll be on the sidelines on this particular notion as it's also ATH territory... Just watching my 401k take a hit and wishing I noticed this a bit sooner to swap over to money market for a moment. Oh well, this is what Dollar Cost Averaging is for.
Happy Trading!
2816-2800 is where I would be taking profits*, tending toward the upper end (2816), as lately, SPX is consistently achieving higher lows on each down swing. Stop loss would be anywhere above 2873, 1 on the Fib Extension lines.
*I'll be on the sidelines on this particular notion as it's also ATH territory... Just watching my 401k take a hit and wishing I noticed this a bit sooner to swap over to money market for a moment. Oh well, this is what Dollar Cost Averaging is for.
Happy Trading!