themarketzone

Another rejection by the 50 MA line - Bearish signal

FX:SPX500   S&P 500 index of US listed shares
2 months ago
Yesterday's low volume rally didn't last long and today the S&P500             was rejected again by the 50 days MA line and the the bottom of the broken triangle pattern.
What stands between SPX             and the 2100 support zone now is the minor support zone near 2140-2150 as I mentioned in my weekly newsletters this Sunday.

2100 coming next? Looks like it.
2 months ago
Comment: SPX confirmed bearish breakdown yesterday when it was rejected by 2145.
Price is pressured down towards 2100 but there's a small harmonic pattern that can still create a bullish pullback towards 2140 and 2155.
Bullish Bat will complete near 2115-2120.

See more details in this video https://www.youtube.com/watch?v=gwS73o4MMI4
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Tomer J,
The Market Zone - You trading Edge
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