With recent news on the FED’s outlook of an “official” recession along with potential ADDITIONAL rate hikes into the new year, the SPX (S&P 500) looks to go a little lower with more pain to come.
What I’ve noticed:
Long term overall down trend has stayed in tact
Short term up trend has been broken (blue arrow)
Fresh supply zone marked with candles closing below it
Nearest landing of substantiality is near 3762 – 3753
What I am predicting will happen is a retest of the supply zone for a potential bull trap and a quick rejection down. I am looking for a SELL trade once the SPX has re-entered my supply zone with a take profit before the said landing area of 3762 – 3753
Not financial advice. Hotep & Build (wealth)
What I’ve noticed:
Long term overall down trend has stayed in tact
Short term up trend has been broken (blue arrow)
Fresh supply zone marked with candles closing below it
Nearest landing of substantiality is near 3762 – 3753
What I am predicting will happen is a retest of the supply zone for a potential bull trap and a quick rejection down. I am looking for a SELL trade once the SPX has re-entered my supply zone with a take profit before the said landing area of 3762 – 3753
Not financial advice. Hotep & Build (wealth)