InvestingScope
Short

S&P500: Sell opportunity on the 1D MA50 rejection.

TVC:SPX   S&P 500 Index
On our last trading set-up we mentioned the potential that the Channel Down could be wider and since the 4H MA50 broke, the pattern would fill in a Lower High near the 0.618 Fibonacci retracement:


Right now we use the 1D chart ( RSI = 52.588, MACD = -25.640, ADX = 24.177) and see that the recent stochastic run is being exhausted ( STOCH = 83.359, STOCHRSI = 72.755). The reason is the 1D MA50 which is adding high selling pressure on the Lower High trend line of the Channel Down.

We are therefore now turning into medium term selling with our Targets being the Supports: 2,450 and 2,200 respectively.




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Comments

Thanks. Any reason you are analyzing more fx compared to stocks
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