informedtrades
Short

S&P Closes Outside of Range, Time for Bears to Enter

CME:SP1!   S&P 500 Futures
spy
The black lines illustrate the range the S&P             was in; price has now fallen emphatically out of that range, and is also below the 50 SMA --- both of which I think will pave the way for bears to pile in. A downside target of support at 1770 or at 1734, or at the 200 EMA between those levels, seems viable. A stop at 1850 gives sufficient protection against false spikes while also cutting losses if the thesis is proven incorrect.
is this still valid or passed?
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the idea that we've fallen out of this range has become invalidated, though i think bears have the upper hand unless price closes above 1880 on the daily chart.
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