S&P500 - Calm before the storm? - Market Meltdown Pending..
Updated
I seldom post but S&P500 looking extremely interesting on the bigger frames.
2800 being a core level were price has failed and broke down since October 2018.
We are in such economic uncertainty all around the world, could this be the beginning of a big meltdown? Potentially.
All of this bullish momentum even on the back of bad data to me is a little bit of a trap, and could potentially be the first retrace of a big downward move.
Currently no fundamentals support a move beyond the 2800 level, No earnings growth? no S&P growth, its pretty simple economics, with retail sales this month being the worst since 2009 in the US. You do the maths.
This Chart highlights some key levels were price could potentially reverse, when price reaches these levels I will be watching like a hawk and look to place a sell order at any sign of breakdown on smaller frames.
Speculate Wisely.
Wider View.
2800 being a core level were price has failed and broke down since October 2018.
We are in such economic uncertainty all around the world, could this be the beginning of a big meltdown? Potentially.
All of this bullish momentum even on the back of bad data to me is a little bit of a trap, and could potentially be the first retrace of a big downward move.
Currently no fundamentals support a move beyond the 2800 level, No earnings growth? no S&P growth, its pretty simple economics, with retail sales this month being the worst since 2009 in the US. You do the maths.
This Chart highlights some key levels were price could potentially reverse, when price reaches these levels I will be watching like a hawk and look to place a sell order at any sign of breakdown on smaller frames.
Speculate Wisely.
Wider View.
Note
Weekly Chart Fib Levels show potentially .618 Reversal.Note
Same as above on daily..
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.