SPX500 finally break long term upward trend since US election, this might be a huge signal for trend reversal. Currently price action testing 2420 on daily 100MA area before heading daily 200MA at 2350-2360 area.
Daily 20MA and 50MA has broken.
Equities market trend higher today during Fed Chair Yellen Testifies event, with early tech stocks rebound and crude oil price recovery, S&P 500 rally higher.
Will it be another bull trap, it will totally see whether today its price able to close above its daily 20MA, 2430. If it manage to close below 2430, the bears are still taking control.
If we zoom out and see from monthly chart. We can see that dollar index is retesting its lower channel. On top of that the price is fully retrace back to 2016 Nov low during US election.
To setup dollar to hit new high in next 6-9 months, price should respecting lower channel and uptrend trend line, we can expect Dollar to create a new high in next 6 months. July...
S&P 500 undergo build up structure of distribution by big players.
Time has come to test a lot of long term uptrend trend-line and seem like the momentum to break those long term uptrend finally here.
To maintain the momentum to go down to test 2400, 2430 shouldn't be breach. Daily 20MA will now be retest and always be supported by short position...
Significant price action that accompany by high volume happen today.
Price plunge from 2440 area, break 20MA and 50MA in a day. Momentum selling high probability will continue and break 2400 area.
Key level to watch 2400 to 2410 area whether any price rejection happen and whether support can hold.
EUR/JPY has rally over 200 pips in a day. Currently enter key resistance zone where will the supply start flood in and bring EUR/JPY down below 126 to retest its previous resistance or it will continue move higher and prepare to break 127.
Key price action to watch now.
Price wave off from its high after an early rally. With bear trap on current price setup, it will be interesting to see whether daily 20MA can hold the sell off.
If 20MA daily support unable to hold the sell off presure, selling momentum will drive the price to 50MA daily price area which is 2405 to 2412 area.
After Rate hike yesterday, EURUSD undergo drastic U-turn...from 1.129 high plunge to 1.114 now...20MA has break...it will on declining stage to 1.11 to 1.112 area...perhaps retest 1.118 to 1.12 area before heading to 1.10-1.107 area
S&P 500 after retest previous support which apparently turn resistance, now is on a crucial junction to break its 20MA. This week trading zone shall be around 2390 to 2430 range. Which upon breaking daily 20MA, plenty of space to drop.
Today is a key price action day to see whether S&P 500 is undergo technical rebound or rally resume.
We shall see whether previous support at 2433 to 2439 area will it become resistance now.
There are few key events like FOMC Interest Decision is happening this week.
Interesting setup seem formed on this market as the price create a new high follow by a momentum of selling.
If price unable to close above 2440 today, it might indicate a potential reversal and retest 2410 area (20MA).
One interesting thing i find about this market is there is a nicely inverted-U curved formed on the 5-minutes/15-minutes chart. Might indicate...
Price flush down upon early trading day. There is still plenty of room to go on its downside. Currently market players take profit ahead of NFP this friday.
Price face challenge to cope with its demand on this price level and high probability it will goes down to 2370 area to absorb back previous demand.
Key level to watch at 2395 to 2405 area as price retest...
On Monday I made a divergence trade called on ascending triangle, and today it broke the short term upward trend (ascending line) and touch the 20MA, once 20MA break we expected the momentum to touch the 232X to 233X area.
This formed a trap pattern where traders who long around 2380 and above are trapped. If 2375 to 2382 area are breached, the bearish momentum...
Potential trade on SPX500 as it entered ascending triangle. See whether the resistance will break or short term uptrend will break...either way will has a potential breakout to upside or downside.
With low volume, high probability the resistance will hold.
S&P 500 undergo selling before Yellen Speech. This might be a sign of reversal. Short term trading opportunity lies as long the momentum is follow through and well respected in lower time frame. Potential bearish engulfing pattern will evolve and reach back previous day low price or even lower than that.
Currently S&P 500 is testing on 1.382 fibo (2328) and seem like resistance is holding strongly..high chances that it will undergo mean reversion to test back 2300 previous resistance.
Yellen Testified coming soon. Trade with care.
Finally breach 2300 second time since 26th Jan. Unfortunately the volume so far didn't support the price change.
High probability the breakout won't successful and will collapse back to 2290 area and might retest 2280-2285 are again.
USDJPY after testing 115.2 area rebound back and struggle at 116 to 116.2 before breakthrough and rally toward 116.8 area with the anticipation of U.S. President-Elect Trump Speaks.
Now back to key resistance area 116.8 to 117 area with key down-slope trendline in place. If retest on resistance successful, the downward momentum should continue and retest back...