__SpecialFX__
Short

Downside Pressure remains Strong

FX:SPX500   S&P 500 index of US listed shares
The initial reaction from the fed's interest rate hike announcement was a quick spike down and then a rally.

However, from a fundamental perspective, the rate hike is bearish for the equity markets. This trade setup is more to do with fundamentals, but also, the 4H Trend is down as we trade within the channel.

The spike up attempt today will act as resistance (2040), it was also the level we spike down to on the initial rate hike announcement. Looking to short towards the 61.8% Fib of the last leg up. (1964.0)
Today's price action was contained by resistance (blue box). A downside break of the channel will confirm that the down trend has once again resumed. An upside breach of 2040 invalidates the setup, thought the longer term wave count continues to point to a lower low.
snapshot
Reply
I also think the same. Also I entered this trade and I had not even seen your idea. Only now I saw. My target is only a little higher up than your :)
+1 Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out