Hi all,
Looking into the financial sector on the S&P this morning.
Currently into a descending channel that has no end in sight.
All started with initial high an lows that happened in Jan 2022.
Initial high an low were followed with a string of Lower highs and lower lows with a price action staying within the upper and lower limits of the descending channel.
A death cross also showed up in April 2022 when 50MA crossed 200MA. Both have since been in a descending trend.
The price action could see an uptick for a few more days but is likely to turn back down into a bearish trend once a new Lower high is achieved. Trend continuation within the borders of the descending channel.
A break in the descending trend could be seen if a new higher high happens or if the upper trend line of the descending channel is broken. Time will tell.
Stay humble, have fun, make money.
Looking into the financial sector on the S&P this morning.
Currently into a descending channel that has no end in sight.
All started with initial high an lows that happened in Jan 2022.
Initial high an low were followed with a string of Lower highs and lower lows with a price action staying within the upper and lower limits of the descending channel.
A death cross also showed up in April 2022 when 50MA crossed 200MA. Both have since been in a descending trend.
The price action could see an uptick for a few more days but is likely to turn back down into a bearish trend once a new Lower high is achieved. Trend continuation within the borders of the descending channel.
A break in the descending trend could be seen if a new higher high happens or if the upper trend line of the descending channel is broken. Time will tell.
Stay humble, have fun, make money.
