SPX: A Bearish Pattern under a Key Resistance. Be careful.⚠️
• Yesterday, the SPX broke the resistance at 3,911 for a brief moment, but by the end of the day, it lost momentum, couldn’t close above it, and it did a Shooting Star candlestick pattern;
• This could be just a pullback to the 21 EMA, but the fact it found a resistance at 3,911 again it is not good for the bulls;
• We warned about this on my previous SPX analysis – link below this post;
• This Shooting Star might frustrate any attempt of a bullish reversal, and would require a very impressive bullish reaction to frustrate this bearish sign. Ideally, it would need to break the Shooting Star's high in order to reject the bearish candlestick;
• The way it closes yesterday will tell us if the index will confirm a bearish continuation to the 3,744, or if it will reverse and seek the 4k area again;
• According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, and when triggered, hits the technical target 84% when we are in a bear market, and see a downwards breakout;
• I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
• This could be just a pullback to the 21 EMA, but the fact it found a resistance at 3,911 again it is not good for the bulls;
• We warned about this on my previous SPX analysis – link below this post;
• This Shooting Star might frustrate any attempt of a bullish reversal, and would require a very impressive bullish reaction to frustrate this bearish sign. Ideally, it would need to break the Shooting Star's high in order to reject the bearish candlestick;
• The way it closes yesterday will tell us if the index will confirm a bearish continuation to the 3,744, or if it will reverse and seek the 4k area again;
• According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, and when triggered, hits the technical target 84% when we are in a bear market, and see a downwards breakout;
• I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
Related publications
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.