S&P was hit by CPI news release with about a 2% drop from the 1H candle.
Prices started climbing there after, but this could be a result of price-action, take profit at a key level.
We see this in the 1D chart, for a rally base rally which was printed from 20-24 June 2022.
Double top potentially forming if price does break the 3760 RBR zone.
Where do we see prices going from here? Are we in for a deeper crash back to pre-covid highs of 3400 on 19 Feb 2020?
Recession scares are shaking the market, and much is uncertain - or so they say...
Safer long term buys above 3900. Otherwise, would say outlook is still generally looking bearish.
That aside, short term buys probable, given the momentum we had on 13/7 and a series of higher low candle closes into resistance, holding above the demand zone.
Prices started climbing there after, but this could be a result of price-action, take profit at a key level.
We see this in the 1D chart, for a rally base rally which was printed from 20-24 June 2022.
Double top potentially forming if price does break the 3760 RBR zone.
Where do we see prices going from here? Are we in for a deeper crash back to pre-covid highs of 3400 on 19 Feb 2020?
Recession scares are shaking the market, and much is uncertain - or so they say...
Safer long term buys above 3900. Otherwise, would say outlook is still generally looking bearish.
That aside, short term buys probable, given the momentum we had on 13/7 and a series of higher low candle closes into resistance, holding above the demand zone.
