S&P could be showing signs of weakness if it cannot get above its resistance at 286.6
We have bearish divergence on this 4hr RSI from top to top
We have a double top
We have a large Ascending Wedge
And another Ascending Wedge within the larger one which should break down soon
We also show very low volume as the S&P was trying to reach that double top
Be careful, there could be a bearish domino effect that is produced if S&P doesn't get above its resistance at 286.6
Interestingly enough, Bitcoin is also in a situation where it could easily domino effect into a phase II bearish market cycle. I think there have been some interesting comparisons (correlations) with S&P and Bitcoin where Bitcoin led S&P by a month, but very similar movements. So we could see something like once BTC breaks below 5700 and starts its second downfall and then a month later S&P breaks this bottom red trend line and then everything is in free fall. Just Speculating
We have bearish divergence on this 4hr RSI from top to top
We have a double top
We have a large Ascending Wedge
And another Ascending Wedge within the larger one which should break down soon
We also show very low volume as the S&P was trying to reach that double top
Be careful, there could be a bearish domino effect that is produced if S&P doesn't get above its resistance at 286.6
Interestingly enough, Bitcoin is also in a situation where it could easily domino effect into a phase II bearish market cycle. I think there have been some interesting comparisons (correlations) with S&P and Bitcoin where Bitcoin led S&P by a month, but very similar movements. So we could see something like once BTC breaks below 5700 and starts its second downfall and then a month later S&P breaks this bottom red trend line and then everything is in free fall. Just Speculating
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.