S&P 500 Continue falling?
The Daily trend is in a Downtrend technically indicated by following:
• Dow pattern- lower tops and lower bottoms (T1-B1-T2-B2).
• Price is currently trading BELOW the downtrend line.
Prices are trading above the support level at 1930.0.
RSI:
• RSI is below the equilibrium level 50. Bearish momentum.
We should take under consideration that prices are below the SMA200 and the 2042.0 we will consider short positions.
1. In case of a daily close below the support level at 1930.0:
We will recommend SHORT POSITIONS for the no position holders on S&P 500. Take profit.1 at 1904.0 and take profit.2 at 1830.0. Stop loss should be a bit above the support level at 1930.0, thus the stop loss is at 1942.0-1960.0.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
2. In case of a move above the resistance area at 2000.0-2020.0 (R1), we will recommend long positions.
• Dow pattern- lower tops and lower bottoms (T1-B1-T2-B2).
• Price is currently trading BELOW the downtrend line.
Prices are trading above the support level at 1930.0.
RSI:
• RSI is below the equilibrium level 50. Bearish momentum.
We should take under consideration that prices are below the SMA200 and the 2042.0 we will consider short positions.
1. In case of a daily close below the support level at 1930.0:
We will recommend SHORT POSITIONS for the no position holders on S&P 500. Take profit.1 at 1904.0 and take profit.2 at 1830.0. Stop loss should be a bit above the support level at 1930.0, thus the stop loss is at 1942.0-1960.0.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
2. In case of a move above the resistance area at 2000.0-2020.0 (R1), we will recommend long positions.
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