Chart of the Day: ES1! Broadening top in progress
Since 2018, markets have marked out the 2900-ish range as the top bound for the ES1. The fundamental reasons are aplenty with the US economy in a late stage expansion boosted by a lot of leverage and multiple expansion. The top range is readily apparent with the triple top highlighted in red.
Within the latest top, the price action is potentially developing a head & shoulder formation with a neckline at 2800 which is well supported by strong SSR levels. With the US-China trade war intensifying and S&P500 companies deriving c.50% of their profits from overseas market, it is not immediately apparent what will save the S&P500 from the currently developing earnings recession and from breaking the neckline of the potential head & shoulder formation.
Immediate price objective the potential head & should formation would be c.2640, c.-7% downside risk.
#ESA #earningsrecession #tripletop #tradewars #H&S
Within the latest top, the price action is potentially developing a head & shoulder formation with a neckline at 2800 which is well supported by strong SSR levels. With the US-China trade war intensifying and S&P500 companies deriving c.50% of their profits from overseas market, it is not immediately apparent what will save the S&P500 from the currently developing earnings recession and from breaking the neckline of the potential head & shoulder formation.
Immediate price objective the potential head & should formation would be c.2640, c.-7% downside risk.
#ESA #earningsrecession #tripletop #tradewars #H&S
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.