A lot of bulls have been calling a head and shoulder bottom which I have drawn in orange. We rejected twice on the weekly candle at the neckline of 415. The Ichimoku is starting to forecast a roll-over with the lagging span falling below the price. We are currently inside of the red cloud and it looks like we may drop out of it on the downside. Tomorrows close is critical for the bulls. If we close under 406 It will signal a bearish reversal and the downside can begin again.
Interest rates are continuing to rise, metals and crypto are starting to weaken, the dollar is getting stronger and bond yields are going up, all of these signal more bearish price action on the horizon.
Good luck out there traders
Interest rates are continuing to rise, metals and crypto are starting to weaken, the dollar is getting stronger and bond yields are going up, all of these signal more bearish price action on the horizon.
Good luck out there traders
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