Short

S&P500: Broke below wedge support

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Too bad I now have to take back my idea we were going to hit resistance at 2950. As we broke through the short term upwards trend support, I now expect a drawdown to at least the 1 retracement which sits at around 2650, hence a trading approach right now would be short for the rest of the week. As the medium 100 MA on this 4h chart already went above the 1 retracement and the shortest term 10 MA crossed above the 100 MA however, we might see further sideways trading.

Let me know what you think!

Note

And boy, let me tell you again I am not making comments about fundamentals.
By that I mean: What is going on with OIL right now is just ridiculous... Crazy times

pming

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