S&P500: Selling On A Pullback 8-3-22
S&P 500 – Cash: Selling A Pullback Into The Range Of Bearish Fakey Setup
Price Action: There is no new price action signal to note at this time.
Price moved lower from the recent Bearish Fakey Setup that had formed, mid-last week.
Price broke and closed under the 4245 – 4270 prior key support area.
Price briefly moved higher from the prior Bullish Pin Bar signal that had formed, over a week ago (We did not consider trading this signal as it had formed just under the short-term resistance area and against the recent short-term Bearish trend).
Potential Trade Idea 1: For more aggressive traders, we are considering selling if price pulls back to within the range of the recent Bearish Fakey setup, with risk management above the Fakey Bar.
Potential Trade Idea 2: We are still considering selling on a retracement higher and only after clear price action signal, whilst price remains below the 4484 – 4494 resistance area.
Price Action: There is no new price action signal to note at this time.
Price moved lower from the recent Bearish Fakey Setup that had formed, mid-last week.
Price broke and closed under the 4245 – 4270 prior key support area.
Price briefly moved higher from the prior Bullish Pin Bar signal that had formed, over a week ago (We did not consider trading this signal as it had formed just under the short-term resistance area and against the recent short-term Bearish trend).
Potential Trade Idea 1: For more aggressive traders, we are considering selling if price pulls back to within the range of the recent Bearish Fakey setup, with risk management above the Fakey Bar.
Potential Trade Idea 2: We are still considering selling on a retracement higher and only after clear price action signal, whilst price remains below the 4484 – 4494 resistance area.
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