Auguraltrader

S&P500 Finally has a trend turning indication...

Short
CME_MINI:ES1!   S&P 500 E-mini Futures
Earlier today, incoming POTUS, released details of his new stimulus plan (after market close). It appeared to be rather aggressive, but the S&P500 futures only accorded a mild gap up overture (1H chart), only to close down the gap in the next hour.

Chart here is the 4H ES1! S&P500 futures chart, which broke down just...
The main point here is that there is a price range after series of record highs, and finally, it appears to be fresh out of juice.
There is a classical twin peaks, with a Lower High on 13 Jan, and the Lower Low that was just made.

Note that the Bollinger Band is being pushed as well, and it remains to be seen if there is a pull or a drop following into the pre-market hours.

Meanwhile, the price momentum (lowest panel) is indicating the start of downside momentum, and the MACD just crossed over into the bear territory.
Also noted in the chart that the system sell signal just triggered.

Looking forward to downward momentum almost 50 points, a Lower High, and then the last low support should be giving way...

Stay safe & have a good weekend ahead!