SPX500 rallied through 2920 levels yesterday before reversing sharply lower. We had been calling for a sharp bearish reaction around 2900/20 zone since last several trading sessions now and price action seem has now confirmed. Since the Dow Jones has not yet reached its expected reversal zone around 25000/200, we can expect yet another high in SPX500 today (2940/50), along with Dow Jones hitting 25000/200 mark. Having said that, it is not a certainty though. SPX500 hits strong fibonacci convergence zone around 2900/20 as expected and reverses lower. A break below 2732 will confirm that a meaningful top is in place at 2920 and the trend has finally reversed. Structurally, SPX500 remains bearish until prices stay below 3200/3400 levels. Prepare for another round of selloff.
Strategy:
Short against 3200 (ideally 3400), targeting 1730 and 1450.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 3200 (ideally 3400), targeting 1730 and 1450.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
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.
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.