S&P 500 (Daily Chart) - Aftermath of Midterms
Over the past 2 weeks, we saw a very strong rebound from the selldown, but the big question is whether this is a temporary rebound or the start of a larger downtrend.
I think the key level is the yellow zone I highlighted, because if prices manage to break below it, then the downtrend is confirmed.
Currently, I expect a lot of sideways trading in between this support zone and the price swing highs, and bulls and bears battle it out to see who will emerge victorious.
Personally, I am more inclined to the bearish side.
I think the key level is the yellow zone I highlighted, because if prices manage to break below it, then the downtrend is confirmed.
Currently, I expect a lot of sideways trading in between this support zone and the price swing highs, and bulls and bears battle it out to see who will emerge victorious.
Personally, I am more inclined to the bearish side.
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Telegram: t.me/synapsetrading
Youtube: bit.ly/2AaUK4C
Twitter: bit.ly/2DLoV6X
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