SPX continued to be in range; lot of choppy movement since last Friday when it made a new high. TBH, if you ask me, that reversal candle last Friday typically would bring downward continuation and usually quickly but as what we see, the selling is very very controlled, with lots of buying up. Even on Tuesday, market printed a green candle after a bearish candle, only for it to reverse yesterday. Even the reversal yesterday was with selling down then another buy up to retest the strong 5079 before coming back down again.
While last Friday's high still seemed to be the high but the choppy movement requires one to not hold on to trades for too long IMO until things are clearer.
Price is still stuck in the two strong levels; 5079 and 5047. Price is still above the BZ and it is trying to find a bottom; thus lots of conflicting signals. But given that 5079 held, could see further downside. Looking for a break below 5065 for a short to 5049. That level will be key to decide on the next direction.
While last Friday's high still seemed to be the high but the choppy movement requires one to not hold on to trades for too long IMO until things are clearer.
Price is still stuck in the two strong levels; 5079 and 5047. Price is still above the BZ and it is trying to find a bottom; thus lots of conflicting signals. But given that 5079 held, could see further downside. Looking for a break below 5065 for a short to 5049. That level will be key to decide on the next direction.
Join me for free on Patreon (www.patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan.
DM me to join my new group to learn all my trading levels and to trade together.
DM me to join my new group to learn all my trading levels and to trade together.