Hello traders,
Looking at the weekly chart, we start to see sign of weakness in majority of American indices. After forming double top in late September last year, we saw major downtrend, but we start to see bulls were buying dip after Christmas.
I felt this recovery was a little bit odd because I expected it to stop around 50% Fibonacci level, but bulls kept going until last week. In the weekly chart, I see evening star candle sticks, which entail the shift in momentum from bulls to bears.
Here are few more example:
SPY:
NDX:
SPX:
IXIC:
In shorter time frame, we will probably test imminent support for all the index and form tightening equilibrium. It would be interesting how trade deal between the White House and China will play out in next few weeks.
Happy trading!
Looking at the weekly chart, we start to see sign of weakness in majority of American indices. After forming double top in late September last year, we saw major downtrend, but we start to see bulls were buying dip after Christmas.
I felt this recovery was a little bit odd because I expected it to stop around 50% Fibonacci level, but bulls kept going until last week. In the weekly chart, I see evening star candle sticks, which entail the shift in momentum from bulls to bears.
Here are few more example:
SPY:
In shorter time frame, we will probably test imminent support for all the index and form tightening equilibrium. It would be interesting how trade deal between the White House and China will play out in next few weeks.
Happy trading!