SP500 Red Flags - Time to switch to bear mode
SPX500
-Monthly Needs a higher low as the last one is very far ~20% down below - caution
-Monthly possibility of playing out 3rd bearish divergence (2018 peak, 2021 peak and now). Quarterly also has the same possibility - caution
-M EMA8 far down almost 6% - caution
-W needs a higher low too and its ~10% below so plenty of room to go down and set one - caution
-W RSI reached same level as to extreme peak 80 before rona dump at 2020 and now back to ~70
-W 8EMA just below - bull support
-D first downtrend in 162 days! - caution
-D downtrend with bear volume - bear
-D 8 EMA lost - bear
-D rising wedge broke bear, retested the breakdown and confirmed downtrend with followthru - very bear
-D RSI support broken down
Lots of warning signs for SPX500 here for a healthy monthly and weekly consolidations which can last a while. Bulls need to exercise caution here and wait for the Weekly and even Monthly higher lows to form before swinging. Or at least some kind of daily structure to form before playing off of it with clear stop levels.
TIME TO SWITCH GEARS
This means also be very careful for crypto bulls.
-Monthly Needs a higher low as the last one is very far ~20% down below - caution
-Monthly possibility of playing out 3rd bearish divergence (2018 peak, 2021 peak and now). Quarterly also has the same possibility - caution
-M EMA8 far down almost 6% - caution
-W needs a higher low too and its ~10% below so plenty of room to go down and set one - caution
-W RSI reached same level as to extreme peak 80 before rona dump at 2020 and now back to ~70
-W 8EMA just below - bull support
-D first downtrend in 162 days! - caution
-D downtrend with bear volume - bear
-D 8 EMA lost - bear
-D rising wedge broke bear, retested the breakdown and confirmed downtrend with followthru - very bear
-D RSI support broken down
Lots of warning signs for SPX500 here for a healthy monthly and weekly consolidations which can last a while. Bulls need to exercise caution here and wait for the Weekly and even Monthly higher lows to form before swinging. Or at least some kind of daily structure to form before playing off of it with clear stop levels.
TIME TO SWITCH GEARS
This means also be very careful for crypto bulls.
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