SPX possible reversal - what to watch for EIGHTCAP:SPX500 by the_sunship

SPX possible reversal - what to watch

All in the video under the previous channel would be very bearish and probably mean they want to test the neckline of the head and shoulders, from there I would think a sideways consolidation would happen. SOXX (semiconductors) also mentioned towards the end.

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watch for a reaction at the lower channel line

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backtest of 4220 area should be a solid short

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this is what it looks like into tomorrow.

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so far it looks correct - float up overnight. Will they reach the trendline? hard to tell, but it's an obvious target for a short entry - about 4420.

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powell speech at 10am, this still looks possible to me.

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link to powell speech at 10am youtube.com/live/A9Pz0vIi5yQ?si=7DhoAxxswVlDRhy1

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a move up after the speech is possible, but i still think it would be a selling opportunity.

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target area reached during the speech. I think this area is a selling opportunity

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should drop the rest of the day

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QQQ also with a false breakout - target 348

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another short opportunity here as far as I can see.

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if this keeps rallying they will probably push over the powell speech high, it would take out shorts and convince traders to go long over the weekend. If that's the case it would be a fine bull trap and I would expect a hard gap down monday to kick off the week.

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yeah I think they are going to fool bulls and trap bears into close. I'm not changing anything. Out for the rest of today, see you next week.

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channel held, I expect lower on monday but we'll see.

the_sunship

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the_sunship

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