SPX some more upside before ressistance
Updated
The EURO STOXX 50 has reached a resistance level (3200) and stays in a no-man’s land below last week’s high (3213). Testing its 200-day moving average, the S&P 500 has already recorded a new high above last week’s high, not the Dow Industrial, not the Nasdaq, but both could follow quickly. One quick trade before next leg down ? 2810 on SPX is crucial. Look for the breakout or reverse back down.
Note
The S&P500 future has completed a countdown, leading to a market timing sell signal identifying a trend exhaustion area below 2795.75. There is the same signal for the Nasdaq and in Europe, EURO STOXX 50, Euronext 100, FTSE Eurotop 100…In addition, the chart shows a MACD classic bearish divergence, suggesting the index has reached an area where price could reverse and start declining. It’s clear enough: this market is ready for a pause/pullback or reversal.Tactically speaking, to say the least, it is too late to chase the rally.
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.