Hello Traders,
The S&P 500 has retested a broken wedge formation, there is also a head and shoulders formation, if this plays out there could be a significant drop coming for the US index. Generally speaking the head and shoulders formation will break lower than the neck line.
China has just cancelled a meeting with US farmers suggesting a trade war deal is further away than firstly anticipated.
Recession indicators are flashing red, the only thing holding the index higher is the FED rate cut last week.
We will see how this develops over the coming days.
Give the set up a like and let us know your thoughts below!
www.forexstoreau.com
The S&P 500 has retested a broken wedge formation, there is also a head and shoulders formation, if this plays out there could be a significant drop coming for the US index. Generally speaking the head and shoulders formation will break lower than the neck line.
China has just cancelled a meeting with US farmers suggesting a trade war deal is further away than firstly anticipated.
Recession indicators are flashing red, the only thing holding the index higher is the FED rate cut last week.
We will see how this develops over the coming days.
Give the set up a like and let us know your thoughts below!
www.forexstoreau.com