The hypothesis of my previous chart on the SP500 (see below) seems to be confirmed. Now we can identify the following supports/resistances:
1) 1975-2000
2) 1800-1850
3) 1550-1600
SP500 reached a top in May-June and now it is starting the descent. My recommendation for mid and long term traders is to be short. The risk of being long is now very high; bull traps appear on the horizon.
1) 1975-2000
2) 1800-1850
3) 1550-1600
SP500 reached a top in May-June and now it is starting the descent. My recommendation for mid and long term traders is to be short. The risk of being long is now very high; bull traps appear on the horizon.
