S&P500 Near the top on two patterns. Pull back possible.
S&P500 is testing Resistance (1) on the Channel Up inside the larger Megaphone pattern. Currently it is at the top on two separate patterns.
The MA50 (1d) is supporting the Channel Up and the MA200 (1d) the Megaphone.
Trading Plan:
1. Sell on the current market price.
2. Buy on Support (1).
3. Sell under Support (2).
Targets:
1. 4175 (Support 1).
2. 4300 (top of Channel Up).
3. 4000 (bottom of Megaphone and near MA200 1d).
Tips:
1. The RSI (4h) Highs (70.00) and Lows (30.00) match perfectly the Tops and Bottoms of the Channel Up. Use this to your advantage. RSI values of 70.00 are to be sold while values of 30.00 to be bought, as long as the Channel Up holds.
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Notes:
Past trading plan:
The MA50 (1d) is supporting the Channel Up and the MA200 (1d) the Megaphone.
Trading Plan:
1. Sell on the current market price.
2. Buy on Support (1).
3. Sell under Support (2).
Targets:
1. 4175 (Support 1).
2. 4300 (top of Channel Up).
3. 4000 (bottom of Megaphone and near MA200 1d).
Tips:
1. The RSI (4h) Highs (70.00) and Lows (30.00) match perfectly the Tops and Bottoms of the Channel Up. Use this to your advantage. RSI values of 70.00 are to be sold while values of 30.00 to be bought, as long as the Channel Up holds.
Please like, follow and comment!!
Notes:
Past trading plan:
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