Careful! Sign of strength in SPX
In my previous post I indicated a good R/R sell opportunity. A small update now given the latest development.
We see SPX is retracing back up. It found support on a trendline (clearly testing it), and locally we do not see a lower low but a higher low. It seems SPX is gonna test the resistance of the right shoulder top(orange line) that was recently formed. However, if it finds again support on the trendline it is a good opportunity to battle to new local high's.
I'm not saying the good R/R entry is invalidated, but a signal of strength has been given by the market with the higher low/support on trendline. Be careful. Let the market give clear signs of direction first - one of the two drawn scenario's - before you take position.
We see SPX is retracing back up. It found support on a trendline (clearly testing it), and locally we do not see a lower low but a higher low. It seems SPX is gonna test the resistance of the right shoulder top(orange line) that was recently formed. However, if it finds again support on the trendline it is a good opportunity to battle to new local high's.
I'm not saying the good R/R entry is invalidated, but a signal of strength has been given by the market with the higher low/support on trendline. Be careful. Let the market give clear signs of direction first - one of the two drawn scenario's - before you take position.
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