The SPX is repeating a scenario that we have witnessed before. While history doesn't always play out the same, it often plays out very similar.
Firstly, the RSI has remained overbought far longer in this instance than the previous and as a result, it is retracing farther and faster than the previous instance.
The break of the 50 period moving mode signalled the end of the overbought conditions where the long volume finally dropped off as upward progress became slow.
$2800-2900 will most certainly become a mid-long term resistance and we can expect a large, volatile new trading range between 2100 and 2800 and pictured below.
I will post an idea after this that provides a reference for the progress within this range.
Happy Trading to my followers.
Your feedback is always appreciated and considered in every post.
Firstly, the RSI has remained overbought far longer in this instance than the previous and as a result, it is retracing farther and faster than the previous instance.
The break of the 50 period moving mode signalled the end of the overbought conditions where the long volume finally dropped off as upward progress became slow.
$2800-2900 will most certainly become a mid-long term resistance and we can expect a large, volatile new trading range between 2100 and 2800 and pictured below.
I will post an idea after this that provides a reference for the progress within this range.
Happy Trading to my followers.
Your feedback is always appreciated and considered in every post.
Comment:
Here we GO! Volatility incoming.
Comment:
Bounce it is!
Comment:
:)
Comment:
Bounce on point.
Kenzing trading indicators for TradingView perform advanced real-time analysis of stock price trends and display alerts that are easy for the average Trader to interpret.
www.kenzing.com
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