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My prior USDJPY post noted a break below a tight double bottom could be bearish .
The SPX has a similar situation, a break below 3198.60 could open the door for more downside action.
My prior SPX post noted a break below the lower rising trend line could be bearish . Usually, when this happens the prior support trend line then becomes resistance, which has happened. If the SPX moves back above this trend line it could be bullish .
Two - hour Stochastic has just recorded a bearish crossover in neutral territory. This cross implies two - hour Stochastic could soon travel down to the oversold zone.
Mark
The SPX has a similar situation, a break below 3198.60 could open the door for more downside action.
My prior SPX post noted a break below the lower rising trend line could be bearish . Usually, when this happens the prior support trend line then becomes resistance, which has happened. If the SPX moves back above this trend line it could be bullish .
Two - hour Stochastic has just recorded a bearish crossover in neutral territory. This cross implies two - hour Stochastic could soon travel down to the oversold zone.
Mark
Comments
Whenever Stochastic gets into the oversold zone, regardless of time scale you need to be on alert for a bottom.
Note what happened on July 26th - when the 2 - hour Stochastic was deep into the oversold zone.
Mark
Thanks for the comment.