I AM Still Bearish On The S&P 500 Index, what About You? Bitcoin
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Looking at the MACD for the SPX (The S&P 500 Index ), we can see a very strong bearish divergence...
Same with the STOCH and RSI .
Bearish divergence, bearish divergence.
Now that the last peak was taken out, it is good to remember what I wrote in my previous analysis:
"Keeping it simple... Trading below the "LAST PEAK" is bearish .
If prices move and close below the "LAST PEAK", it opens the door for additional bullish action but still, there are many factors that keep the bearish view present since the All-Time High is still intact.
So, we can see prices moving above the LAST PEAK which gives us a more bullish view but still remains cautious until the last high is taken out."
The full analysis below:
One last thought... Are the SPX and BTC detaching?
If they are to remain the same, we might see the SPX go green on Monday or BTC go red... But so far they've detached with Bitcoin going green while the SPX pekead.
Thanks a lot for your support.
Namaste.
Same with the STOCH and RSI .
Bearish divergence, bearish divergence.
Now that the last peak was taken out, it is good to remember what I wrote in my previous analysis:
"Keeping it simple... Trading below the "LAST PEAK" is bearish .
If prices move and close below the "LAST PEAK", it opens the door for additional bullish action but still, there are many factors that keep the bearish view present since the All-Time High is still intact.
So, we can see prices moving above the LAST PEAK which gives us a more bullish view but still remains cautious until the last high is taken out."
The full analysis below:
One last thought... Are the SPX and BTC detaching?
If they are to remain the same, we might see the SPX go green on Monday or BTC go red... But so far they've detached with Bitcoin going green while the SPX pekead.
Thanks a lot for your support.
Namaste.
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https://alanmasterstrades.com
➡️ Alts, Btc, FREE trades & More
https://t.me/AMTrades
🥇 Results
https://alanmasterstrades.com/results/
💬 CHAT http://alanmasters.chat
Comments
I think the economy is far from restored, and the crisis is yet to come.
SPX contains companies like Amazon, Google,... that have recovered and thrived on this crisis.
People buying stuff online, being bored and using their services.
But many companies in our everyday non-electronic lives have been hit, and are dangling by a thread.
Here is europe, a second wave of Covid is starting, this collapse is far from over if countries start going back into full lockdown.
EU is prepping a 1750 Bln stimulus, well, now they just need the market to crash to spend it.
imo, SPX will pull the leash on BTC, But BTC is doing well, looks like its setting up for its big moon-2021 rally
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Nice piece of info on the 1750 Bln... Is this for real?
https://www.nytimes.com/2020/07/20/world/europe/eu-stimulus-coronavirus.html
750 bln was announced in the news here about a week ago.
https://www.europarl.europa.eu/news/en/headlines/economy/20200513STO79012/covid-19-the-eu-plan-for-the-economic-recovery