SPX
Updated
TF: 12 Hr
Looks like it will fill the wick and possibly retest the trend line /trade around it for a little bit. RSI has some room to move north before being considered overbought; however, some bearish divergence may be building on the 12 hr TF, I will have to see how it plays out.
The big fat light blue line is a large moving average, note how it found support last Monday and we saw a strong bounce, overall we may see some more sideways trading, but all moving averages are now moving up showing some bullish momentum. It will also be interesting to see how markets take the recent US election. I somewhat leaning bullish, not because Sleepy Joe possibly won or loud mouth Trump possibly lost, but because the election is close to being over and a possible coronavirus vaccine. To me that signals a slight bullishness from a fundamental view.
On a bearish side we could see price drop to the bottom of the sideways play at $3,200. If that breaks than we may see greater downside.
Looks like it will fill the wick and possibly retest the trend line /trade around it for a little bit. RSI has some room to move north before being considered overbought; however, some bearish divergence may be building on the 12 hr TF, I will have to see how it plays out.
The big fat light blue line is a large moving average, note how it found support last Monday and we saw a strong bounce, overall we may see some more sideways trading, but all moving averages are now moving up showing some bullish momentum. It will also be interesting to see how markets take the recent US election. I somewhat leaning bullish, not because Sleepy Joe possibly won or loud mouth Trump possibly lost, but because the election is close to being over and a possible coronavirus vaccine. To me that signals a slight bullishness from a fundamental view.
On a bearish side we could see price drop to the bottom of the sideways play at $3,200. If that breaks than we may see greater downside.
Note
looking to see if this can retest and hold
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