weekly on the daily chart
I noticed intra-day some falling momentum, some key economic data is going to get released today (Tuesday) and we are now near the time where I thought the decline could start as shown on my last chart (see related ideas).
Therefore I deem this worth to try a short with limited risk.
Short entry: 2190
Stop loss: 2196
1. Target: 2170
2. Target: 2150
Risk: 6 points to 2196
Reward: 20 points to 2170 (40 points to 2150)
I came across this video recorded by Gareth Soloway who mentioned the fresh new weakness of some big US stocks on Monday. which I noticed,too
The bearish trend I predicted has now started to grow. Today's low was 2174.5 after a failed dead bounce from the 2167.8 low, which failed to gain steam at 2186.9
And the weekly RSI now also shows a confirmed top with the RSI going first above the 70 value but this week falling back below this key value again: