S&P: Sell opportunity if the Channel Up breaks.
SPX is trading within a 1D Channel Up (RSI = 64.687, MACD = 28.070, ADX = 51.456, Highs/Lows = 0.2723) since the October 3, 2019 bottom. There is however one bearish divergence signal that calls for a sell towards the 3,070 1D Support if the 1D Channel Up breaks to the downside. That signal is the RSI which is trading sideways (at best) on a pattern that resembles a lot the January - April 2019 Channel Up.
That pattern also had the RSI trading sideways despite the price making Higher Highs on the Channel Up and eventually failed to sustain it, broke downwards below the 1D MA50 (blue line) and found Support on the previous Higher Low.
If the same pattern is repeated then S&P should seek the 3,070 1D Support. We are waiting for such pull back for our next long term buy position.
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That pattern also had the RSI trading sideways despite the price making Higher Highs on the Channel Up and eventually failed to sustain it, broke downwards below the 1D MA50 (blue line) and found Support on the previous Higher Low.
If the same pattern is repeated then S&P should seek the 3,070 1D Support. We are waiting for such pull back for our next long term buy position.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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