The current situations looks like a nice long. Keep in mind that trade talks play a big role in this market, so any bad news can drive the price down really fast.
Recent drops brought us down to buy zone which is most likely to hold for next weeks and for christmas rally, we could have nice rebound to new levels marked on chart in yellow circles. Volume shows two possible resistance levels, which need to be broken to continue higher. Most important level to break is at 11 500. Cheers.
We might have a nice trend reversal off the green MA with a hammer candle on weekly chart. Good luck.
We are currently trading at S3 level which also has significant volume so this level ight not be easy to break but bears are strong, trend is bearish so we might see breaking this S3 level and keep going to S4 which is next major support. At S4 it all could reverse and go for another bullish run and a new high.
See chart for more detail. Basically this should be short and then we can continue more to downside or create another bullish trend which will eventually continue as the major trend for SPX500.
As you can see on chart, H4 and also H1 shows very nice divergence on RSI. Might be an easy call for short, TP1 around 13 200, TP2 by 13 150.
Another 3rd bounce or finally breaking support at current level?
We are looking for a nice short here on a weekly chart, based on the chart, bearish divergence formed pretty clear signal. Trade with care.
As the first bigger correction, which happened at fibo level .50, this one might be the same thing. Wait to reach fibo .50 level at price 16 400 for potential buy setup.
We are breaking inner trendline here, good luck.
My pivot points shows a nice S3 support level as shown on graph. Take care :)
Enter long position after break of the downtrend line