2ndSkiesForex
Short

Major Trend Reversal Looming - Needing LH

FX:SPX500   S&P 500 Index
244 views
3
244 0
The S&P 500 is showing in the price action a greater willingness and propensity towards the downside. This + 'Septaper' coming up, and we should be expecting downside pressure. The early August highs evaporated and formed a false break above 1700, in the process forming a new SL (swing low) Bulls will likely take one last push up, which should produce an LH (lower high). This formation of an LH in the resistance zone above will likely mark the death knell for the uptrend, and bring in a fresh round of sellers. I'm not expecting the index to make new highs for the year, and am anticipating a larger than expected (by most) reversal. Minimally am thinking we'll touch 1600, with potential downside targets of 1560, 1535 and 1485 so quite a lot of downside available.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out