SPX Seeing overall seeing breakdown in demand for pushing higher. Starting on graph 4h we see approaching a heavy battle zone Resistance at the 4200 line. We see an ascending triangle with support at breakout above green line and resistance if it breaks down below red. On indicators we are seeing MACD showing a down trend signifying weakness in demand to buy and volume changing over moving down. Volume we saw a spike yesterday in selling above the average line. VIX is showing the desire to climb watching the 4hr macd has had a cross for the last two days that has been carrying. Note:
On a down turn targeting 3800 to gain support.
Sold Call @ 3500 June wk3 @ TP 11.75
Trade closed: target reached
Took off morning before break down @ 6.40
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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.