hankchef
Short

SP goes lower after failure of converting 2057 resistance

FX:SPX500   S&P 500 index of US listed shares
0. Review.
Called for a bounce from 2048ES. Yesterday night bulls lost their fortress, tried twice today to break 2048ES but failed.

1. Analysis
Scenario 1: bearish
On 4hr chart, we have traded under sma30 for the longest period since 3-23, when it went down to 2012ES. Alarm rings to bulls.
Bulls will try for a third time to convert 2048ES support tomorrow, if they fail and close under 2048, prepare for a drop to .618 and .5 support down to 1978 cash.

Scenario 2: bullish
Successfully convert 2048. Expect a retest of 2068ES.

2. Today's call
I'm making sure the calls are tradable and can be applied to both scenarios. Tonight we will reach lower than 2035 and test up to 2048, not sure it will break, but a 3rd test is required.

Buy entry @ around 2032, TP @ 2047
Short @ 2048 if it won't break.

Happy trading and be cautious.

-Hank


BOBELLIOTWAVE
8 months ago
will be watching Hank
Reply
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