SPX Weekly Candles Signal a Turn to Bottom of Channel!
The S&P 500 has been in a bullish channel since 2009. The 200 day moving average has stayed within this range. Last week's rejection at the top of the channel paired with a bearish hammer signals a reversal. There is a potential for this to be a bear trap, so keep an eye on weekly closes.
A likely scenario is we revisit the top of the channel around 2840 and get slammed down to the 200 DMA. Re-evaluate your SPX shorts here, (2750). If the 200 DMA breaks down there is a chance we will fall to the bottom of the channel, (2440).
This is still a bullish trend. If we break below this channel the bear market will be confirmed.
This is not financial advice. Do your own research.
-Whistle
A likely scenario is we revisit the top of the channel around 2840 and get slammed down to the 200 DMA. Re-evaluate your SPX shorts here, (2750). If the 200 DMA breaks down there is a chance we will fall to the bottom of the channel, (2440).
This is still a bullish trend. If we break below this channel the bear market will be confirmed.
This is not financial advice. Do your own research.
-Whistle
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這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。