Daily view on Sp500 valid for June - July
Advance targets
Possible Adam and Eve top formation pattern
Descending triangle
We might dump / drop on Sunday / weekly open
Possible targets :
2935
2800
Spy bottom gaps
Spy closed lower than Spx
From what we have noticed is that whenever Spx closes above the spy close we have a sharp fall in prices on the open
Should history repeat itself we would see accelerated selling heading towards the rally start low around 2935
We have noted that was institutional buying due to the fed announcement regarding corporate bonds
That area should provide at least short term support with upside targets of Friday’s closing price 3009-3014-3040
We have also noted that we could see a retest of 3040 and Friday break down candle if we can find support above the 200 daily moving average
We have broken the March low trendline that has upheld the market since the covid crash
We have broken the weekly falling wedge pattern
We see an accelerated rise in covid cases world wide
Fear has returned to the market space
Should 2800 fail to hold we expect lows between 2700-2790
We will be bouncing but direction will lean bearish
Currently the weekly candle is a inverted bearish hammer candle
The monthly candle closes on Tuesday 30th June 2020 and is currently very bearish which will then lead to lower prices and things could accelerate to the downside as lockdown regulations increase globally due to covid
Technically
We are leaning bearish
We see further downside
Overral bias is bearish
We expect bounces up to $50-100 on sp500
I hope this helps you guys
Remember risk management is key
Do not over leverage
And only trade with money you can afford to lose
The current market conditions are not advisable for novice or junior traders
If this helped you
Kindly click the like and follow button
Happy weekend and happy week ahead
Advance targets
Possible Adam and Eve top formation pattern
Descending triangle
We might dump / drop on Sunday / weekly open
Possible targets :
2935
2800
Spy bottom gaps
Spy closed lower than Spx
From what we have noticed is that whenever Spx closes above the spy close we have a sharp fall in prices on the open
Should history repeat itself we would see accelerated selling heading towards the rally start low around 2935
We have noted that was institutional buying due to the fed announcement regarding corporate bonds
That area should provide at least short term support with upside targets of Friday’s closing price 3009-3014-3040
We have also noted that we could see a retest of 3040 and Friday break down candle if we can find support above the 200 daily moving average
We have broken the March low trendline that has upheld the market since the covid crash
We have broken the weekly falling wedge pattern
We see an accelerated rise in covid cases world wide
Fear has returned to the market space
Should 2800 fail to hold we expect lows between 2700-2790
We will be bouncing but direction will lean bearish
Currently the weekly candle is a inverted bearish hammer candle
The monthly candle closes on Tuesday 30th June 2020 and is currently very bearish which will then lead to lower prices and things could accelerate to the downside as lockdown regulations increase globally due to covid
Technically
We are leaning bearish
We see further downside
Overral bias is bearish
We expect bounces up to $50-100 on sp500
I hope this helps you guys
Remember risk management is key
Do not over leverage
And only trade with money you can afford to lose
The current market conditions are not advisable for novice or junior traders
If this helped you
Kindly click the like and follow button
Happy weekend and happy week ahead
