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S&P 500 Index
Short

Short SPX

By bobbysto18
Updated
SPX is showing bearish divergence on the 6H between recent price action (Triple top pattern) and the Stoch RSI indicator. The Tenkan-san can be seen about to cross the base line, implying a bearish reversal. A similar set up can be seen in the daily. In the past few days, price has trended bullishly due to a weak TK cross (Weak due to the fact this occurred below the Kumo cloud), but has now hit resistance at a growing cloud, suggesting resistance is becoming stronger at this level.
Note
snapshot

Right would be a good entry - Rigth on the Daily kumo
Note
snapshot
Rejection started and a slight bounce on the daily baseline. Confirmation will be once the final shoulder is formed.
DivergenceshortSPX (S&P 500 Index)S&P 500 (SPX500)Technical AnalysisTrend Analysis
bobbysto18

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