S&P Topped Out? Longterm Outlook & Strategies
Monthly for long-term outlook and accuracy.
Price is getting toppy and losing momentum.
Price movement up while RSI losing momentum and showing bearish divergence usually resulted in massive dumps in the past.
The 50EMA lining up perfectly with the bottom of the upward trending white channel is the make-or-break price level for me.
Either a nice bounce from there or continuation to the downside if we break below.
*Keep an eye on the USD. If it catches support on 100EMA and has a good bounce it could likely be a contributing factor to a dump in S&P.
It's interesting to see how well the DXY has respected the 100EMA as both support and resistance.
There is only about a week left in the monthly candle and a close here would increase the odds in a bounce (to at least the 50 or 21 EMAs).
Price is getting toppy and losing momentum.
Price movement up while RSI losing momentum and showing bearish divergence usually resulted in massive dumps in the past.
The 50EMA lining up perfectly with the bottom of the upward trending white channel is the make-or-break price level for me.
Either a nice bounce from there or continuation to the downside if we break below.
*Keep an eye on the USD. If it catches support on 100EMA and has a good bounce it could likely be a contributing factor to a dump in S&P.
It's interesting to see how well the DXY has respected the 100EMA as both support and resistance.
There is only about a week left in the monthly candle and a close here would increase the odds in a bounce (to at least the 50 or 21 EMAs).
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