SPX500USD 2021 Apr 26 Week (Intraday)
SPX500USDSPX500USD 2021 Apr 26 Week (Intraday)
What a week 19 April was. Long from bottom of channel only worked for
19 Apr, after which supply took over and price headed for 4124, a
previous demand zone in the channel.
Critical support at 4124 has been formed.
4194 = immediate resistance
The grey channel was a larger time frame channel. Note the rejection when price
approached the demand line (bottom of channel), shown by bar 1 and 2.
Bar 2 tells us that supply has came in again.
Strategies for the possible scenarios
1) Market has entered price rotation, range is between 4124 - 4194.
Trades will be made at the rotation boundary, with target 50% of range.
2) Should 4124 fail to hold, will look to short when market breaks and test 4124
3) Should price maintain above 4194, we can look to a resistance turned
support long.
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Have a good trading week ahead!
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