#SP500 is in a down phase since March 2022
- On the daily time frame, the bearish structure is forming sustainably with the continuous creation of HL-LL (Higher low, lower low); The price line has lost its balance and is completely below the averages;
The important support zone at 4170 has broken down, supporting the mid- and long-term correcting trend;
- On weekly time frame, the index is moving sideways with a amplitude of ~10%; we can easily see that a double top pattern is forming, and when combined with a downtrend structure => It is in favor of continuing the strong correcting trend in the next period;
- On the daily time frame, the bearish structure is forming sustainably with the continuous creation of HL-LL (Higher low, lower low); The price line has lost its balance and is completely below the averages;
The important support zone at 4170 has broken down, supporting the mid- and long-term correcting trend;
- On weekly time frame, the index is moving sideways with a amplitude of ~10%; we can easily see that a double top pattern is forming, and when combined with a downtrend structure => It is in favor of continuing the strong correcting trend in the next period;
Note
- Looking at the market as a whole, the April 2022 candlestick closed with very bad signals, the MACD indicator crossed and the histogram opened 2 red candles;
Note
* TRADE PLAN:- Potential zone #SP500 index will head to next (3510~3600); We will find it safer to open a Short/Sell position
- Set stoploss for each trading order, do not hold long-term stocks in the next period.
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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.
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.