Are bears incoming for the SPX?
Updated
I will be looking for short opportunities on the SPX from around the $3,000 level. The reason for this is the strong supply created from the weekly imbalance which stacks nicely with the daily imbalance candlestick and the .618 Fibonacci retracement , also, the $3,000 level is a psychological level and will thus act as resistance. Another confluence stack is that price is now sitting at the back end of the daily trend line and is sitting at the W50EMA, both of which are indicating sell pressure.
Confluence factors:
Updates will follow with my entry and trade management.
Confluence factors:
- Daily and weekly supply zone
.618 Fibonacci retracement
Retest daily trend line
W50EMA acting as resistance
$3,000 psychological level
Updates will follow with my entry and trade management.
Trade active
Entry was taken after the 4-hour railroad pattern.
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