hankchef
Short

SP goes lower after failure of converting 2057 resistance

FX:SPX500   S&P 500 Index
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


will be watching Hank
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out