This is a traditional RBR demand zone. On smaller TF's we can clearly see price has already reacted to it. This is I believe one of the 4 preferred S/D based patterns used by S/D traders. If I'm mistaken please let me know. Will this particular zone give traders enough lift to make a profit? Truthfully I don't know. No one can really know. But the thing is from a purely mechanical perspective its a trade. The supply above has been dinged pretty good and is no longer fresh. That should increase favorable odds some. Thing is if we gonna win we gotta just play. Depth of any market can not ever be known so every trade is always a gamble. So play responsibly. If we loose lets loose quick and decisively and small. If we get a good bounce its not going to the moon so lets win responsibly as well. If we get a new recent high guess what???? Its going to want to pullback soon. There are good wins and good losses. Don't bet the farm on it either way. We can do this over and over and over again. I don't like to post because when I trade I expect to be wrong. Statistics and odds say I will be wrong. The surprise is when I am right. Thanks for reading my post and comments are always welcome. Just be nice is all.
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Its pre market Monday for me and the highlighted level caved after a couple small bounces but landed on the next demand level below. I will be a player short if and when price returns to the now failed demand and I will treat it as fresh supply now.
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i am over all bearish on SPX and have been for a little while now. I have a post regarding past 8 year US presidential elections and SPX.