SPX500 - Bias short below 2137 handle. Retail traders still holding long positions at 1.7:1 ratio, indicating downside continuation risk still outweighs upside risk. This week looking to short risk if market bounces to any resistance level up to 2137 as long as retail trader sentiment still remains to long side along with 8/21 EMAs below upper trend line resistance. Fundamentals overall remain bearish.
Note
Short bias intact. Retail traders net long positions have pulled back to 1.3175 from 1.7 earlier today, with price moving up, as would be expected with a reduction in retail long open interest. Still looking to sell rips on price action signal around the 1920 handle or higher, up to 2137 at Fib and recent price resistance zones. Shorts would be confirmed if retail long open interest increases again as price reaches those resistance levels.Note
Retail net longs increased to 1.3576 now. Further downside risk.Note
Price breaking down below 1863 support level on continued selling. Retail net open long positions have increased since yesterday from 1.3576 to 1.61 confirming further downside risk is favored over upside risk reversal. Still looking to sell risk at resistance on bearish price action signal.
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.