Looking at the NDX for this example, clear defined downward trend with BIG bear market rallies. this is seems to be a little different with some positive news and lack of bad news so has been highly rewarding for the bulls however we are now at some big resistances.
- 50 moving average on Weekly
- Trend line resistance
- 61 fib of previous move down
- 20% down from top mark which is technical bear market so reacting off this level is good for bears imo.
next peice of news is only around the corner, lots of macro happening behind the scenes. I'm taking a short position at 13400.
just move down RSI indicator has no relevance here.*
- 50 moving average on Weekly
- Trend line resistance
- 61 fib of previous move down
- 20% down from top mark which is technical bear market so reacting off this level is good for bears imo.
next peice of news is only around the corner, lots of macro happening behind the scenes. I'm taking a short position at 13400.
just move down RSI indicator has no relevance here.*