Forex Positive
Short

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.

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cmharkey
a year ago
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.
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Forex Positive PRO cmharkey
a year ago
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.
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