[S&P 500] short term bullish but mid term bearish
Updated
Technical indicators show a high probability of a “dead cat bounce” pattern which is a bullish retracement inside a downtrend.
Indeed, the drop was triggered by a huge bearish MACD divergence and confirmed by a cross between MA50 and MA200, while the recent rise was triggered by a small bullish MACD divergence.
I believe the bullish retracement will end below the 50% FIBO and will be confirmed by the historical resistance of the 50 period disparity index.
Indeed, the drop was triggered by a huge bearish MACD divergence and confirmed by a cross between MA50 and MA200, while the recent rise was triggered by a small bullish MACD divergence.
I believe the bullish retracement will end below the 50% FIBO and will be confirmed by the historical resistance of the 50 period disparity index.
Comment
I expect a reversal between 4150 and 4300.
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