SPX possible pathway to min 3720 and ideal 3450!
I want to present a very possible pathway in case MACD will make a hook like turn, which is very bearish!
I saw this many times, when everyone is cheering bullish and looking for that golden cross and all they get is a the hook formation (zoomed in and outlined at the bottom of the chart)
So far MACD is still way below 0, RSI is at 50 level and could make a lower high.
We have touched 50% today and one more push to 4150 zone for 61.8 (see the retracement fibs on the chart) is what I would expect to hold for that MACD hook formation.
- 4090 is the support now,
- 4125-35, 4145 and 4160 resistance
So stay alert, have stops if trading on the long side!
BTW all the pink lines are the unfilled gaps
P.S. Dont forget to like (click star-ship button) my posts, so it gets pushed up on TV for others to see as well.
Thanks in advance!
I saw this many times, when everyone is cheering bullish and looking for that golden cross and all they get is a the hook formation (zoomed in and outlined at the bottom of the chart)
So far MACD is still way below 0, RSI is at 50 level and could make a lower high.
We have touched 50% today and one more push to 4150 zone for 61.8 (see the retracement fibs on the chart) is what I would expect to hold for that MACD hook formation.
- 4090 is the support now,
- 4125-35, 4145 and 4160 resistance
So stay alert, have stops if trading on the long side!
BTW all the pink lines are the unfilled gaps
P.S. Dont forget to like (click star-ship button) my posts, so it gets pushed up on TV for others to see as well.
Thanks in advance!
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