SPX IS LOOKING VERY BEARISH
Updated
1. weekly chart has a hanging man confirmed
2. gap down from hanging man has now been closed on weakness
3. lower time frame charts has triple tops
4. MACD has been decelerating since July 22, 2024.
Trade active
Thanks to all who found this initial post useful. I sincerely apologize for not documenting my chart with all the details. I just like to present clear chart without many lines and indicators.
This update is a few other observations made:
a. On 4 hours charts with RSI indicator shows a Hidden bear, very likely we would have a triple tops divergence on 4 Hour chart as well. Therefore I expect a poke above the all time high before coming down to first knock shorts stop losses and Trap long bulls.
b. I am also observing the MACD histogram poised for a divergence once this poke up is formed. As always, apply risk management and a shorting strategy best suited to your style. Let the charts keep printing !!!!
Trade closed manually
Guys, the technical analysis did what it's suppose to do. However, market sentiment is changing after Fed conference call and I am getting out until more clearer prints are on the charts. Best wishesDisclaimer
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