Forex Positive

S&P500 facing a bear rally

INDEX:SPX   S&P 500 Index
The grey box shows SP500             in a sideways congestion from 2040 to 2140, about 100 points. Its been in this consolidation for about 6 months since Feb 2015.

From the speed and velocity of the drop after support/resistance at 2040 is broken, there is another second wave of selling coming.

Watch any rallies in the coming days and weeks. Its probably a bear rally, for the next leg down. Therefore, enter short either at resistance A (1970-1990), or resistance B (2040). Take profit target at 1820.

Twitter @ForexPositive
100% agree with this, mirrors my own charts.
Also notice the potential for H&S pattern to form with either scenario.
Compare it to the Oct 2014 drop and you have a neck line into the future...break that after a bull trap and ashes ashes we all fall down...
I realistically see us potentially making it into the 1730s if we break the Oct 2014 low support.
The line in the sand is the Oct 2014 support. It take some effort to break that though. Lets see how the price action goes.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out