Stock Market Pivot Incoming
Updated
The market sways and shifts its course,
Pivoting with great force,
A dance of bulls and bears,
With twists and turns that no one dares.
Investors and traders are closely watching SPY SPX QQQ and NDX as they approach an important supply level, anticipating a potential pivot to the downside. This key level is viewed as a point of resistance where selling pressure may increase and buyers may become less willing to continue buying at higher prices.
If the market fails to break through this fibonacci level and instead begins to retreat, it could signal a shift in sentiment and a potential reversal in trend. As a result, many market participants are preparing for a potential downside move by adjusting their portfolios and risk management strategies, while also keeping a close eye on other key indicators and technical levels to confirm any potential shifts in market direction.
I plan to watch for a reversal incoming at the coveted 61.8% fibonacci level as the primary area of supply and watching for a move down to 3900. That's a significant move from here if I'm being honest with you. Watch key indicators and note that the 4h wave master has significant hidden bearish divergence forming. The green wave is the highest it has been since January 9th. The momentum indicator is also red as well. Be careful friends.
Pivoting with great force,
A dance of bulls and bears,
With twists and turns that no one dares.
Investors and traders are closely watching SPY SPX QQQ and NDX as they approach an important supply level, anticipating a potential pivot to the downside. This key level is viewed as a point of resistance where selling pressure may increase and buyers may become less willing to continue buying at higher prices.
If the market fails to break through this fibonacci level and instead begins to retreat, it could signal a shift in sentiment and a potential reversal in trend. As a result, many market participants are preparing for a potential downside move by adjusting their portfolios and risk management strategies, while also keeping a close eye on other key indicators and technical levels to confirm any potential shifts in market direction.
I plan to watch for a reversal incoming at the coveted 61.8% fibonacci level as the primary area of supply and watching for a move down to 3900. That's a significant move from here if I'm being honest with you. Watch key indicators and note that the 4h wave master has significant hidden bearish divergence forming. The green wave is the highest it has been since January 9th. The momentum indicator is also red as well. Be careful friends.
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ES is down >50 pts since posting this.Note
ES is down 80 pts since posting this
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