NOT TRADING ADVICE
I see two scenarios at the moment.
1. Double Top which is pretty obvious from the chart.
2. Bullish Gartley around 2625-2627 (caveat, just learned about this advanced pattern)
Leaning toward SCENARIO 2.
REASONING
Yesterday's SPX500 Daily candle was bearish but not engulfing.
-We have also seen support coming in at 2625 recently.
-If we do come down to that support will consider going long depending on other factors such as MACD, RSI, etc. Depending on earnings and I believe FED meets tomorrow as well.
I see two scenarios at the moment.
1. Double Top which is pretty obvious from the chart.
2. Bullish Gartley around 2625-2627 (caveat, just learned about this advanced pattern)
Leaning toward SCENARIO 2.
REASONING
Yesterday's SPX500 Daily candle was bearish but not engulfing.
-We have also seen support coming in at 2625 recently.
-If we do come down to that support will consider going long depending on other factors such as MACD, RSI, etc. Depending on earnings and I believe FED meets tomorrow as well.
SCENARIO 2 INVALIDATED
We do look bullish. There is potential we could be heading into a bullish CYPHER pattern possibly as well. We will see.