SPX Hourly: Bull bounce rolling over, but Bears coming out weak.
SPX Hourly was (barely) unable to retake the trend resistance, instead re-testing the .5 FIB line from this year's low. It's bounced off that today, but a handful of resistance points remain ahead for any Bull hoping for more:
Last lower-high now sets a new bearish trend resistance, the upper bollinger band continues to collapse towards price action, and the long-standing RSI resistance is still very much in play, leading me to lean short here.
To be clear, I trade on MUCH more than just this kind of chart, but it's always nice to see ideas from elsewhere lining up technically as well. Carrying short into the weekend has proven to be a bad idea for the last couple... but hey, I'm a glutton for punishment, Surely price can't magically gap all this resistance for the third time, right? RIGHT?
Last lower-high now sets a new bearish trend resistance, the upper bollinger band continues to collapse towards price action, and the long-standing RSI resistance is still very much in play, leading me to lean short here.
To be clear, I trade on MUCH more than just this kind of chart, but it's always nice to see ideas from elsewhere lining up technically as well. Carrying short into the weekend has proven to be a bad idea for the last couple... but hey, I'm a glutton for punishment, Surely price can't magically gap all this resistance for the third time, right? RIGHT?
