I AM Still Bearish On The S&P 500 Index, what About You? Bitcoin

25 juil. 2020

Looking at the MACD for the SPX (The S&P 500 Index), we can see a very strong bearish divergence...

Same with the STOCH and RSI.
Bearish divergence, bearish divergence.

Now that the last peak was taken out, it is good to remember what I wrote in my previous analysis:

"Keeping it simple... Trading below the "LAST PEAK" is bearish.

If prices move and close below the "LAST PEAK", it opens the door for additional bullish action but still, there are many factors that keep the bearish view present since the All-Time High is still intact.

So, we can see prices moving above the LAST PEAK which gives us a more bullish view but still remains cautious until the last high is taken out."

The full analysis below:

One last thought... Are the SPX and BTC detaching?
If they are to remain the same, we might see the SPX go green on Monday or BTC go red... But so far they've detached with Bitcoin going green while the SPX pekead.

Thanks a lot for your support.

Namaste.