STOCK MARKET S&P 500 due for a PULLBACK ???
This is a mid-term short play that i spotted on S&P 500 that will most likely play out within a month. This is definitely not a scalp or swing trade.
Key levels marked out on chart:
1) 2018 High
2) Quarterly Opens
3) Monthly Open
4) Grey box - Weekly block that provided support previously
Bearish Bias:
- Monthly Bearish Divergence : Price keep printing Higher High, yet RSI prints lower high. This suggests bullish momentum of the Index is depleting.
- July Monthly candle close as a Shooting Star
- Shift in Market structure on the Daily Time Frame since rally from June (Lower low)
Confluence for trade:
- 2D Bearish RSI Divergence
- Previous H4 Block that provided support now turns into Resistance
Key levels marked out on chart:
1) 2018 High
2) Quarterly Opens
3) Monthly Open
4) Grey box - Weekly block that provided support previously
Bearish Bias:
- Monthly Bearish Divergence : Price keep printing Higher High, yet RSI prints lower high. This suggests bullish momentum of the Index is depleting.
- July Monthly candle close as a Shooting Star
- Shift in Market structure on the Daily Time Frame since rally from June (Lower low)
Confluence for trade:
- 2D Bearish RSI Divergence
- Previous H4 Block that provided support now turns into Resistance
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.