Crypto_Mercy

SPX S&P 500 - Loss of momentum on W and M - High resistance

Short
SPCFD:SPX   S&P 500 Index
Hello, hope your safe and on your guard in those difficult moments. My analysis on the Weekly Chart just before the Heikin Ashi candle close. Right now it doesn't look good. The tails like to be eaten, but let's wait and see how the candle will end. At this moment the look that he want to reject it. The most concerning things for me is the break down of the EMA Ribbon.. this is usually a sign that the retracement will be much longer but market makers could play with that. They actually want you to put back your money inside the market.. to eventually eat more liquidity. They want to let you think that the market is ready to get back on track when the market is only retracing to a gap down exactly on the daily ema ribbon resistance. What I see is that the market can let believe believe a little more that this trend up is there to stay when in reality they will eat all the liquidity around Easter and pull back quickly on the fib 0.5%. Please note that I have not included a Gap Down as I consider that they will eventually be filled upwards by wave 5. Here are some important details for the S&P 500:

Renko Resistance: 2838.72
Renko Resistance: [/boquer2661.30
Gap Up: 2538.18 (bottom part of the gap up)
Gap Up: 2295.93 (bottom part of the gap up)
JMA: [/boquer2513.32 (currently support)
Fibonnaci [/boquer0.5 à 2034.20
Fibonnaci 0.618 to 1712.93
Momentum: MACD is down in change of direction on the weekly and downhill on the monthly ... so losing momentum in the long term ..
RSI: In BEAR territory on Montlhy and Weekly
Eliott Wave: As we are on a cycle III retracement wave and the wave 2 retracement was 0.618%, I believe that the 0.5% and 0.618 retracement are the more likely and the 0.382 retracement has been smashed and is not sharp .

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