We've seen an extremely bullish year so far and the past few weeks have seen to be the last push of the current leg.
Seeing the amount of bearish RSI divergence taking place among many of the major indices I'm going to take a short position taking us down to the previous resistance, which is also the potential support of the cup & handle pattern visible.
Seeing the amount of bearish RSI divergence taking place among many of the major indices I'm going to take a short position taking us down to the previous resistance, which is also the potential support of the cup & handle pattern visible.
Note
You can clearly also see the bearish RSI divergence on the daily - Note
DAX Daily - Note
DOW - Note
SPX Note
In order for these divergences to be negated we need to see a mammoth of a move on all indicesNote
Breaking out of the bearish pennant - Note
Bullish Pennant retested with some great reaction - Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.