A potential interim top for the S&P500
The last two days of the week saw a technical turn in the S&P500 futures, ES1!. It started with a surge rally that sputtered, followed by a bearish engulfing and a down candle to complete the three outside down candlestick pattern. This is supported with a MACD crossdown in a bearish divergence setup.
Appears to me meeting the 55EMA, the trailstop and widening wedge support, at about 3100. Red ellipse shows the downside target contact point that should be decisive.
This comes after deviating from earlier two weeks expectations for an interim top, which did not happen. So, here we have yet another higher probability set up.
Appears to me meeting the 55EMA, the trailstop and widening wedge support, at about 3100. Red ellipse shows the downside target contact point that should be decisive.
This comes after deviating from earlier two weeks expectations for an interim top, which did not happen. So, here we have yet another higher probability set up.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.