SPX Short Side TradingHere is another SPX analysis. After we called it long and exited at targets we are now looking at the short side.
Market Sentiment remains poor, Which you can see everywhere. This aids Short side bias. Look for faster exit.
Usstocksshort
S & P 500 - Cash: 17-4-2022S & P 500 - Cash: Potential Breakdown From Bearish Pin Bar + Multiple Inside Bar (Combo Setup)
Price Action: Price formed a Bearish Pin Bar + Multiple Inside Bar (Combo Setup) just under the 4421 – 4488 short-term resistance area late last week.
Price formed a Bearish Pin Bar Signal mid-last week (We suggested trading this signal in April 13th, members' daily newsletter).
Potential Trade Idea: We are now considering selling on a breakdown below the current Bearish Pin Bar + Multiple Inside Bar (Combo Setup).
US indices poise to correctionAs Google's main rival, Facebook beat estimate last week, Google Just announced its earning and fell short of revenues. Share down 6% during after hours hurting Nasdaq & s&p 500 which made all time high, recently. With negative divergence on different time frames, markets seem to head for some correction. Apple earnings due tomorrow are the key for stock markets. If Apple declines on tomorrow earning will almost confirm the correction scenario. In case Apple rally tomorrow will provide good opportunity to short indices at better rates. In case of correction levels to watch are 2920(10sma) & 2905 (20sma) for s&p 500.
Following Resistance Almost Perfectly By April 12th, price action will meet resistance. Other interesting technicals for intraday action. We opened with a strong gap to the downside only to finish the day .1 percent up. Typically, gap are filled whether intraday or interday. At any rate, rockets to the sky. Until gravity brings us back to earth of course.
