SP500, why you should be carefull on the current rally.
SP500 / Multi-Time-Frame.
AUDUSD / 4H
Dear Traders,
I warmly welcome you to this free and educational multi-timeframe technical analysis on SP500 pair.
From a weekly viewpoint, in my opinion, SPY looks remarkably bearish . A Double top formation with a previous high on the monthly time frame, and the downward trend has already begun as seen from last month's close.
Everything appears to be pointing towards the onset of the next bear move.
Currently, on the daily timeframe , we are experiencing a pull-back to the Broken support that might turn into resistance. Therefore, I am patiently waiting for my sell zone to be reached and will be looking on lower time frames for a good entry point in case I get my entry creteria validated.
Trade safely,
Trader Leo.
AUDUSD / 4H
Dear Traders,
I warmly welcome you to this free and educational multi-timeframe technical analysis on SP500 pair.
From a weekly viewpoint, in my opinion, SPY looks remarkably bearish . A Double top formation with a previous high on the monthly time frame, and the downward trend has already begun as seen from last month's close.
Everything appears to be pointing towards the onset of the next bear move.
Currently, on the daily timeframe , we are experiencing a pull-back to the Broken support that might turn into resistance. Therefore, I am patiently waiting for my sell zone to be reached and will be looking on lower time frames for a good entry point in case I get my entry creteria validated.
Trade safely,
Trader Leo.
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Our recommended broker EightCap: join.eightcap.com/visit/?bta=37691&brand=eightcap