S&P 500 IndexShort
S&P | Typical low volume retrace?
Updated
S&P!
Technically speaking this a bearish move back up.
Lets remember the following 4 rules!
INCREASING PRICE - DECREASING VOLUME (BEARISH)
INCREASING PRICE - INCREASING VOLUME (BULLISH)
DECREASING PRICE - DECREASING VOLUME (BULLISH)
DECREASING PRICE - INCREASING VOLUME (BEARISH)
Why is that?
If a price is moving in one direction and having less interest in that move, the likely hood of a reversal is high. This usually reflects in chart patterns as as rising or falling wedges.
TRADING GATE:
RSI – overbough60/oversold40(daily) CHECK
Retracement pullbacks around the 618 FIBS CHECK
Trading under/above 200MA Daily - CHECK
I did a bit of a check over the individual companies which make up the S&P. Things aren't looking great. We have a few pushing into highs... BUT the majority have started to turned or are nearing high retracement levels.
I'm going to look to short from 2900.
Technically speaking this a bearish move back up.
Lets remember the following 4 rules!
INCREASING PRICE - DECREASING VOLUME (BEARISH)
INCREASING PRICE - INCREASING VOLUME (BULLISH)
DECREASING PRICE - DECREASING VOLUME (BULLISH)
DECREASING PRICE - INCREASING VOLUME (BEARISH)
Why is that?
If a price is moving in one direction and having less interest in that move, the likely hood of a reversal is high. This usually reflects in chart patterns as as rising or falling wedges.
TRADING GATE:
RSI – overbough60/oversold40(daily) CHECK
Retracement pullbacks around the 618 FIBS CHECK
Trading under/above 200MA Daily - CHECK
I did a bit of a check over the individual companies which make up the S&P. Things aren't looking great. We have a few pushing into highs... BUT the majority have started to turned or are nearing high retracement levels.
I'm going to look to short from 2900.
Trade active
Inclined to think this move will happen sooner then later.Most majors have earnings reports coming next week. Huge week ahead.
Trade active
S&P volatility is contracting after that move down. That tells us the move out will be explosive..... Lines up again earning reports, fib levels. HMM!
Trade active
Entering my a short here from around the break back below 618.
Trailing my stop
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.