amanpaulbhogal
Short

A sell-off may continue on the S&P500, Nasdaq 100 and UK100

FX:SPX500   S&P 500 index of US listed shares
On the S&P 500             and NASDAQ100 indices , closing as a high test bar in the resistance zone, and a bearish engulfing bar on the FTSE100 ( UK100             ) stock index , a sell setup is in order suggesting potential bearish continuation on these three ( CFD             ) indices , following the recent sell off on major indices .

1. S&P 500            

The rejection/resistance zone on the S&P 500             comprises the following:

- retest of the 50 ema;
- retest of ~2011; and
- 50% retracement, and close below.

Oscillator convergence, as shown on the chart, is seen as an additional argument to enter a potential continuation of seller based momentum in this index .

entry - below high test bar
stop loss - above high bar
target - previous low or lower

2. NAS100            

Since the major global indices demonstrate price behaviour correlation, an almost exact set up as on the S&P 500             is also forming on the NAS100             .

entry - below high test bar
stop loss - above high test bar
target - previous low or lower

snapshot

3. UK100            

The FTSE100 is in a very clear down trending environment. Three key reasons of a potential continued price decline are:

- close as a bearish engulfing bar;
- a strong bout of resistance at ~6250; and
- rejection of the 20 ema.

entry - below low of bearish enguling bar
stop loss - above high of bearish engulfing bar
target - at previous low or lower

snapshot

I see your case and will not dispute it. I think the bear shows his claws too.
Reply
amanpaulbhogal Rob Wallace Williams
a year ago
Thanks Rob. Hope the bears tear it down. :)
Reply
amanpaulbhogal
a year ago
Correction on oscillator convergence on S&P 500 and Nasdaq 100. Apologies for the confusion on how it appears on the posted idea. Please refer to the charts below.

S&P 500
snapshot


Nasdaq 100
snapshot
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