This is how the SPX closed yesterday the 4H timeframe:
โ Drop below EMA10.
โ Multiple GAPs to fill.
โ Rising bearish volume.
On the Daily timeframe we can see the biggest bearish daily candle in months.
Each time such a candle shows up it starts a new bearish wave/correction.
On the Weekly timeframe the SPX is red, this is an early signal because the week is not yet over.
โ The SPX closed green seven consecutive weeks. This is the first time this happens since January-February 2019. A red week after such magnificent momentum can signal the start of a correction (confirmation needed-early signal).
The weekly RSI peaked late July, producing an almost 5 months long bearish divergence with the SPX.
โ There is also a long-term lower high; current session vs ATH (Dec 2023 vs Jan 2022).
This weekly session upper wick reversed right at the ATH session close, a few points shy of reaching the ATH.
Conclusion
We have one more day before the week closes.
โ Closing red this week can mean the start of a multi-months long correction.
โ If the action reverses and resumes upward, there is no limit as to how far it can go and a new analysis will be needed.
โ These are early signals...
Thank you for reading.
Namaste.
โ Drop below EMA10.
โ Multiple GAPs to fill.
โ Rising bearish volume.
On the Daily timeframe we can see the biggest bearish daily candle in months.
Each time such a candle shows up it starts a new bearish wave/correction.
On the Weekly timeframe the SPX is red, this is an early signal because the week is not yet over.
โ The SPX closed green seven consecutive weeks. This is the first time this happens since January-February 2019. A red week after such magnificent momentum can signal the start of a correction (confirmation needed-early signal).
The weekly RSI peaked late July, producing an almost 5 months long bearish divergence with the SPX.
โ There is also a long-term lower high; current session vs ATH (Dec 2023 vs Jan 2022).
This weekly session upper wick reversed right at the ATH session close, a few points shy of reaching the ATH.
Conclusion
We have one more day before the week closes.
โ Closing red this week can mean the start of a multi-months long correction.
โ If the action reverses and resumes upward, there is no limit as to how far it can go and a new analysis will be needed.
โ These are early signals...
Thank you for reading.
Namaste.
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