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20ema-rejection

Down Side Playing Out?After yesterday's candle, downside is looking more probable now. Bulls had a chance to stay above the 20 EMA, but were not successful. At the time of writing, Futures are trading at about 3645ish down 0.82%. Do we visit 3600 today? May 3580? We could dip down to 3570 and recover by EOD to finish back at 3645 or 3600. That would tell me that the market wants to wait for earnings next week before it continues to sell more. The last 4 or 5 Fridays we've had, were all down days. So, will today be different? The Purple line is the Feb. 20th 2020 high right before we had the COVID drop. That is one of my target points that I would anticipate to come by next week. Possibly by the beginning of November. Next week could give us a clearer picture as to what's to come. At the beginning of the month, I thought we were going to come down hard to 3400 fast. But after watching what's been happening the last couple weeks, this is looking more like a slow grind down to 3400. Yesterday I said that we could finish the year at around 3600ish, after our Santa Clause Rally. How? I looked at the monthly chart, and as of now, it's a DOJI. So let's say we finish the month at 3400. That would give us a similar candle like we had in August. Then look how September played out. If we close the month at 3400ish, and volatility continues to creep up, then 2900 is a possibility late November or maybe even beginning of December? That would be more enticing for a Santa Clause Rally come the start of December. Again, I'd need to see the VIX get between 40-50 first before I consider any upside in the market. Be patient, react, trade the market in front of you and stay disciplined. Happy trading everyone!
SP:SPXShort
by MMOTA_
Short NGASAfter breaking below the 2.55 price area recent price action is seen to pull back into and retest it showing signs of potential downward continuation. This price level is in very close proximity to the 20 ema and the 0.382 Fibonacci level. A bearish reversal bar thrusting off of this bundled rejection region is an offering of a short entry to resume to the downward trend. entry - below low of today's bearish bar stop loss - above high of today's bearish bar target - at or ideally below previous low for better reward:risk profile
FX:NGASShort
by amanpaulbhogal
A sell-off may continue on the S&P500, Nasdaq 100 and UK100On the S&P 500 and NASDAQ100 indices, closing as a high test bar in the resistance zone, and a bearish engulfing bar on the FTSE100 (UK100) stock index, a sell setup is in order suggesting potential bearish continuation on these three (CFD) indices, following the recent sell off on major indices. 1. S&P 500 The rejection/resistance zone on the S&P 500 comprises the following: - retest of the 50 ema; - retest of ~2011; and - 50% retracement, and close below. Oscillator convergence, as shown on the chart, is seen as an additional argument to enter a potential continuation of seller based momentum in this index. entry - below high test bar stop loss - above high bar target - previous low or lower 2. NAS100 Since the major global indices demonstrate price behaviour correlation, an almost exact set up as on the S&P 500 is also forming on the NAS100. entry - below high test bar stop loss - above high test bar target - previous low or lower 3. UK100 The FTSE100 is in a very clear down trending environment. Three key reasons of a potential continued price decline are: - close as a bearish engulfing bar; - a strong bout of resistance at ~6250; and - rejection of the 20 ema. entry - below low of bearish enguling bar stop loss - above high of bearish engulfing bar target - at previous low or lower
FX:SPX500Short
by amanpaulbhogal
3
Long Pound-KiwiWith the following noted a long scenario appears to be in play: - bullish reversal bar (near resemblance to bullish pin bar/low test bar) - resistance becomes support (at ~2.3260 which stands out as a weekly level dating back to November 2009 ) - retest of 20 ema and close above - trend line support (third touch) - Rejection of 0.618 Fibonacci level and 50% retracement line, and close above - Stochastic and RSI convergence entry - above high of today's bar stop loss - below low of today's bar target - previous swing high or higher
Long
by amanpaulbhogal
Selling a weak EUR/USDIn its prominent down trend, price continues to have pronounced consecutive cycles below the 20 ema pushing EUR/USD lower. Today’s bearish reversal bar bumped just shy of a past level, now acting as resistance, at 1.2500, and closes below 20 ema and 0.618 Fibonacci level. If a short trade does not trigger a re-entry can taken at the test of 50 ema and/or 1.2500. Entry – below today’s reversal bar Stop – above today’s reversal bar Target – once triggered, will let the trade run for price to rendezvous at 1.2000 where it’s been before Reverse set up of the same nature on USD/CHF.
Short
by amanpaulbhogal