Momentum loss is obvious on both time frames. Bulls have been failing to regain power.
The whole pattern looks like a smart distribution, larger players' long position unwind to dumb buyers. Not fully sure of course, that's why I say wait for clear signal. But looking at 4H chart, the sell signal may be very close!
Key support is 4840-4850. This is important as in SPX we have 2150 as key, and by now the possible 4H sell setup is kind of similar and close in both indexes. If they break down, they will break same time.
(Note: looking purely at daily chart, SPX - $ES is still weaker than Nasdaq100)
Get ready to play!
The whole pattern looks like a smart distribution, larger players' long position unwind to dumb buyers. Not fully sure of course, that's why I say wait for clear signal. But looking at 4H chart, the sell signal may be very close!
Key support is 4840-4850. This is important as in SPX we have 2150 as key, and by now the possible 4H sell setup is kind of similar and close in both indexes. If they break down, they will break same time.
(Note: looking purely at daily chart, SPX - $ES is still weaker than Nasdaq100)
Get ready to play!
