SP500 - Three bearish signals now on 4H chart - Corrected
Republished - Chart slipped a bit on prev post.
We have three early bearish signals now on 4 Hrs time frame: ROC71, ROC91, and weak Tenkan/Kijun bearish cross.
The Key support level is obvious: 2025. There is 100 WMA, horizontal level (Chikou Span peaks and bottoms) and Senkou B (future Kumo lower line). A close below this level would bring further selling.
You can already try to sell small size now at this Kijun Sen retest with a stop placed at/above recent highs.
Don't forget, the momentum can accelerate only if we see a break of the support level. Until then recent Price action should be considered as consolidation with some bearish bias. Do not yet leverage yourself too much, take only small positions until the firm sell signal.
We have three early bearish signals now on 4 Hrs time frame: ROC71, ROC91, and weak Tenkan/Kijun bearish cross.
The Key support level is obvious: 2025. There is 100 WMA, horizontal level (Chikou Span peaks and bottoms) and Senkou B (future Kumo lower line). A close below this level would bring further selling.
You can already try to sell small size now at this Kijun Sen retest with a stop placed at/above recent highs.
Don't forget, the momentum can accelerate only if we see a break of the support level. Until then recent Price action should be considered as consolidation with some bearish bias. Do not yet leverage yourself too much, take only small positions until the firm sell signal.
