In this weekend's analysis I find the SPX500 to remain BULLISH for next few days as we have strong closings outside the upper KC band and also touching the upper Bollinger band on the higher time frames from Daily to Monthly charts. It's also important to note that declining volume bars is NOT supporting the monthly rally, while MACD, RSI divergences are also sounding warning sirens that it's near a major correction territory which I have measure as the fib extension 0.618 from the October, 2022 base or support on the monthly chart. As signaled last week that we could be getting a capitulation candle soon to the fib target. Once we get a reversal candle on the 4 Hours it will confirm that the intermediate tops is achieved on the SPX500 and a correction is highly probable. So our trade thesis is Bullish until we get a confirmed bearish signal on either the 4H or 1D timeframe with Stop loss at 6377 level. Thanks for visiting my publication and trade idea on the SPX500. Cheers and happy trading to everyone.
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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.