Price action - 2 consecutive weeks of hammer candle and support off 421 - At confluence with uptrend channel too - MA50 on weekly chart has been a guiding one ===> It is confluence at support of 421 to 417 too Macro View On a macro view perspective, quite simple, once price action goes below MA50 which would be about SPY 420 or 417, I would lean bearish. Just like how Friday action has shown, market makers like to do what it likes to do, which is bull and bear traps and past week was a bear trap. Good luck, all! S&P500 Weekly Analysis - 7 Oct 2023 @LMSunshine @macroB @melson
More dip after SPX falls below 4300?
S&P 500 closed at 4273.53, below the key support level of 4300; Nasdaq fell below 13100 yesterday. With two key indices falling below the support level, market begins to speculate for more declines. -------- Will the indices rebound? Or more declines ahead?
+ Follow
+40