S&P500 Sell if the 4H MA50 breaks.
The S&P500 index (SPX) is turning sideways following the enormous rally of November, which is close to being the best in history. That is a natural technical reaction by the market in an attempt to normalize the largely overbought 1D time-frame.
This sideways trade that indicates a potential exhaustion, is complimented by the Bearish Divergence on the 4H RSI, which would justify a technical pull-back. The very same Bearish Divergence was last seen during the late July peak formation.
The structures overall between now and July are quite similar, starting with a Cup bottom and peaking when the curve flattened. Our sell signal confirmation is a break and 4H candle closing below the 4H MA50 (blue trend-line). In that case, we will target the 0.5 Fibonacci retracement level (as on August 03) at 4465.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
This sideways trade that indicates a potential exhaustion, is complimented by the Bearish Divergence on the 4H RSI, which would justify a technical pull-back. The very same Bearish Divergence was last seen during the late July peak formation.
The structures overall between now and July are quite similar, starting with a Cup bottom and peaking when the curve flattened. Our sell signal confirmation is a break and 4H candle closing below the 4H MA50 (blue trend-line). In that case, we will target the 0.5 Fibonacci retracement level (as on August 03) at 4465.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.