Breaking Down the SPX500 Daily Using Price Action
Right now I'm Still Neutral on SPX500. This could all change IF we break & close below the Major Support level on the Daily time frame. IF, we break & close below that level, THEN, I would expect Price to run back down to Previous Lows (Green Dashed lines on Chart) @ around 1880's level.
So far in this Uptrend we have started making a series of Higher Lows which should be a Red Flag for this "Uptrend" on the Daily Time Frame. All the Lower Time Frames have been in a Bear Trend all month and the Daily Time Frame is what I'm waiting for before we can safely say that this Market is truly Bearish. This will come with a break & close below the Major Support Level.
This is just an observation on what I'm seeing on the Daily Chart. This isn't a trading idea per-say but I will continue to Sell Rallies on the 60min Chart.
Hope this helps!
So far in this Uptrend we have started making a series of Higher Lows which should be a Red Flag for this "Uptrend" on the Daily Time Frame. All the Lower Time Frames have been in a Bear Trend all month and the Daily Time Frame is what I'm waiting for before we can safely say that this Market is truly Bearish. This will come with a break & close below the Major Support Level.
This is just an observation on what I'm seeing on the Daily Chart. This isn't a trading idea per-say but I will continue to Sell Rallies on the 60min Chart.
Hope this helps!
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