S&P posts 2 consecutive five bar periods of new lows and no new highs. This hasn't happened since March 2020 right before the Covid Crash.
What to do: Right now monitor. Downtrend confirmation DOES NOT mean short.
Watch for a consolidation followed by a range expansion below the mode to confirm breakout.
Note: Both these downtrend confirmations brought the index to the most extreme dips below the 50EMA in the almost 4 years
Note: Technically in March 2020 we did not get 2 five bar periods of new lows. We got one clear trend confirmation (Feb 20 2020 - Feb 28 2020) followed shortly by 7 consecutive lower lows (Mar 4 2020 - Mar 12 2020) with the exception of Mar 10 which closed 5 cents above the previous low. This was 2 weeks before the Feds backstop on Mar 23rd 2020.
What to do: Right now monitor. Downtrend confirmation DOES NOT mean short.
Watch for a consolidation followed by a range expansion below the mode to confirm breakout.
Note: Both these downtrend confirmations brought the index to the most extreme dips below the 50EMA in the almost 4 years
Note: Technically in March 2020 we did not get 2 five bar periods of new lows. We got one clear trend confirmation (Feb 20 2020 - Feb 28 2020) followed shortly by 7 consecutive lower lows (Mar 4 2020 - Mar 12 2020) with the exception of Mar 10 which closed 5 cents above the previous low. This was 2 weeks before the Feds backstop on Mar 23rd 2020.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.