The fall of S&P (Week of July 11th) 2 weeks ago, the S&P make a high of 3945.
Last week it has crept up to 3915.
It is being resisted at this level for almost the whole of Friday and we are seeing the few tops being created.
There is RSI divergence being shown and likely to have a fall.
We won't be taking this trade as AUDCAD would fall at the same time, but would watch this closely.
Marketfalling
Why stocks will fall tonight (AUDUSD Trade Analysis)The markets have been taking a hammering but there has been some recovery today. Based on technical analysis, this will not last and it will fall tonight.
We are seeing a sell pattern in AUDUSD. This pair is correlating to the stock market and when it falls so does stocks. The last time we sold this resulted in a 300 pips run!
The same pattern is appearing on major stock indexes, so I am expecting a further drop based on my 2 analysis done on DJIA and S&P.