FX20

STOCK MARKET S&P 500 due for a PULLBACK ???

Short
OANDA:SPX500USD   Indice S&P 500
This is a mid-term short play that i spotted on S&P 500 that will most likely play out within a month. This is definitely not a scalp or swing trade.

Key levels marked out on chart:
1) 2018 High
2) Quarterly Opens
3) Monthly Open
4) Grey box - Weekly block that provided support previously

Bearish Bias:
- Monthly Bearish Divergence : Price keep printing Higher High, yet RSI prints lower high. This suggests bullish momentum of the Index is depleting.
- July Monthly candle close as a Shooting Star
- Shift in Market structure on the Daily Time Frame since rally from June (Lower low)

Confluence for trade:
- 2D Bearish RSI Divergence
- Previous H4 Block that provided support now turns into Resistance


Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.