Get started
bobbysto18

Short SPX

Short
S&P 500 Index (OANDA:SPX500USD)  
bobbysto18 Updated   
OANDA:SPX500USD   S&P 500 Index
Trend Analysis short Divergence S&P 500 (SPX500) SPX (S&P 500 Index) Technical Analysis
2
0
trendanalysis short divergence spx500 spx technicalanalysis
SPX is showing bearish divergence on the 6H between recent price action (Triple top pattern) and the Stoch RSI indicator. The Tenkan-san can be seen about to cross the base line, implying a bearish reversal. A similar set up can be seen in the daily. In the past few days, price has trended bullishly due to a weak TK cross (Weak due to the fact this occurred below the Kumo cloud), but has now hit resistance at a growing cloud, suggesting resistance is becoming stronger at this level.
Comment:
snapshot

Right would be a good entry - Rigth on the Daily kumo
Comment:
snapshot
Rejection started and a slight bounce on the daily baseline. Confirmation will be once the final shoulder is formed.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.