S&P500 Weekly Look - Not bearish until 420 (or MA50) gives way!
@Asphen：
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 @CaptainTiger @Deposit @TigerStars
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