Short Term Impulsive Selling Suggest LH Coming for FX:SPX500 by 2ndSkiesForex

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After the FOMC spike, the index failed to make a new high, and has be sold ever since retracing all of the FOMC gains and more. Notice in the red box how the relief rallies were meek and sold aggressively, suggesting bears are happy to sell higher and are in control short term.

I'll look for a corrective rally towards 1712 to form an LH (lower high). If it does, then I'll look to sell here, targeting 1695 and 1680

Still we have the opportunity to long

Ryan Tyler

Agreed, I think a quick intraday long is available

2ndSkiesForex

30 min chart has this in a descending channel. bulls might be finished this week but these trend lines are weak... do you have another opinion? thanks

great analysis. in and out of the office, too bad I missed some of this so far.

Thanks. Enjoyed playing 1697-1700 early this morning.

sunny

@Sunny - de nada mate. An easy scalp there. Now just needing a weak pullback

2ndSkiesForex

This might be the pull back up? Might last all day?

sunny

Its definitely moving at a Tortuga pace

2ndSkiesForex

That's the way I like it. Glad I stopped playing an hour ago. What will happen next?

I like this idea. Tuesdays are good days for equities usually so this may work out.