The bullish short term view I had last week - explained in my last idea - is gone. First the supportline from the bigger rising wedge formation broke last week. Now over the weekend, the support line from early April was invalidated. This means we are officially bearish in my eyes. This support line could function as resistance, but maybe with enough bullish I believe it could be pushed above this resistance. However, the Weekly 100 EMA should function as a very strong resistance.
Note that SPX currently found support on 0.5 Fib level. We will see some retracement up but now, I am bearish.
For sharp entry sell around 2870 with SL 2920 and TP 2670, above 0.382 Fib, 200 Weekly EMA and previous S/R area’s.
A rise to 2900-2930 zone would be strong but would still not invalidate the bearishness and potentially gives a better entry.
Note that SPX currently found support on 0.5 Fib level. We will see some retracement up but now, I am bearish.
For sharp entry sell around 2870 with SL 2920 and TP 2670, above 0.382 Fib, 200 Weekly EMA and previous S/R area’s.
A rise to 2900-2930 zone would be strong but would still not invalidate the bearishness and potentially gives a better entry.
Komentarz:
Market has continued the short term bullish sentiment. We have arrived in the blue box, the sell zone. Selling now is a good option, although waiting till 2870 the 100 Weekly EMA, even gives a better entry. TP around 2670, which also aligns with the 0.618 Fib retracement from our low in march till our top last week.
Komentarz:
We reached 2870. Be patient, see how much it can push up, and step in if we see serious retracement downwards.
