S&P sell-off?

٨ يونيو ٢٠٢١

S&P may have reached a top near 4,235 offering opportunity to sell.
target 1 = 4,158
target 2 = 4,098
will have to assess price action as we progress if we are looking for a new low below 4,040 further on.

١٠ يونيو ٢٠٢١

ملاحظة

Current price action with consolidation between 4,220 and 4,235 may correspond to the formation of a ledge. Caution required.
- Better wait for Entry =< 4,205.
- Invalidation of the idea for daily close above 4,248

١٤ يونيو ٢٠٢١

ملاحظة

The end of the week was volatile, it correct to stay on the side-line above 4,205 as suspected. No daily close above 4,248 though, but I think it may happen today and tomorrow, with a new all time high.
In the absence of sharp & convincing move so far, I suspect we might see this week closing below last week high (2,249). In that case the trade idea would remain in place.

١٦ يونيو ٢٠٢١

ملاحظة

FOMC reversed the up trend with S&P spiking through 4,205 and quickly reverse. Look for short entry around 4,235-4,245.

١٧ يونيو ٢٠٢١

ملاحظة

the retracement to the above zone happened within the hour that followed my comment and price is now below the initial trigger at 4,205 confirming a setup towards more potential downside.

٢١ يونيو ٢٠٢١

ملاحظة

Target 1 reached.
Now price on its way to retest resistance / bottom of the channel, hopefully leading to target 2.