Potential double top could be forming on the daily hinting at a new downtrend coming soon.
NFP last week pushed us up but the bear quickly brought SPX back down to reality and now we are looking at a further push to the downside should price break the necessary trendlines.
I am seeing heavy consolidation at this resistance level when scaled down to 1 and 4hr time frames.
A pinbar has also formed on the 1HR so I would be looking to take up short positions on SPX in the coming days once price breaks out of the consolidation box.
Comments welcome! Happy Trading!!
NFP last week pushed us up but the bear quickly brought SPX back down to reality and now we are looking at a further push to the downside should price break the necessary trendlines.
I am seeing heavy consolidation at this resistance level when scaled down to 1 and 4hr time frames.
A pinbar has also formed on the 1HR so I would be looking to take up short positions on SPX in the coming days once price breaks out of the consolidation box.
Comments welcome! Happy Trading!!