The S&P500 appears to have come to a coiling point yet again. It has stalled since the shooting star formation, but did not capitulate into a breakdown... yet.
The stall has a up trending support (red) line that appears nearing to be at risk of breakdown. MACD suggest a weak bounce to fall further as it is in the bear territory already. As does the Relative Price Strength indicator show a turning over.
This brings a potential breakdown to Tuesday or Wednesday next week as it would breakdown through the 55EMA as well.
I would be wary...
The stall has a up trending support (red) line that appears nearing to be at risk of breakdown. MACD suggest a weak bounce to fall further as it is in the bear territory already. As does the Relative Price Strength indicator show a turning over.
This brings a potential breakdown to Tuesday or Wednesday next week as it would breakdown through the 55EMA as well.
I would be wary...
