$SPX / $SPY at 200-DMA Resistance, Next Leg Down Approaching

TRIGGER TRADES
04-07

$S&P 500(.SPX)$ bearish 5-down, 3-up — into the 200-DMA + Daily FVG resistance.

Textbook corrective rally.

Today's peak likely terminated the B-Wave bounce — or is about to.

Daily close below 6512 = first confirmation the next higher-degree wave down has begun.

CPI Friday pre-market — price may set up into the print before the real move accelerates.

This rally gets SOLD.

The current $SPDR S&P 500 ETF Trust(SPY)$ bounce is the largest % rally since the 696 peak.

That means price is correcting at a higher degree, which means the next wave down will also be higher degree.

Whether this labels as a 2 or B wave, what follows is a 3rd or C — neither is friendly.

The bigger the bounce, the BIGGER the drop.

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment
2