S&P500 weekly shooting star hints of a potential lower high
Just stating the very obvious, there is a noted shooting start candlestick pattern on the S&P500 futures, ES1!, weekly chart. This is typically followed by a down candle to confirm a turn. The candlestick of formed with a larger selling pressure during the week, despite attempts to proceed upwards. Buyers were crushed by sellers, and the week ended lower than when it started (bullishly). An indication of the undercurrents of the market.
The daily chart technicals was previously discussed, in the linked published idea.
The weekly chart technicals are, nonetheless, bullish biased... at least up till now. The shooting star is the first indication, and we see 3100 as a critical support level. Note the red ellipses o the chart as these are expected potential target crossing areas.
Bullish, until not.
First warning given... wait for more to follow in the coming weeks.
(In about two weeks time, there needs to be a close above 3150, else it should be below 3100. The market’s commitment would be rather obvious by then.
Having said all that, if we view in relation to bonds, gold (and maybe silver), and other related charts like the USD, there is some ominous indication that something will give... and all we need is a trigger.
Meanwhile, make hay while the sun shines!
The daily chart technicals was previously discussed, in the linked published idea.
The weekly chart technicals are, nonetheless, bullish biased... at least up till now. The shooting star is the first indication, and we see 3100 as a critical support level. Note the red ellipses o the chart as these are expected potential target crossing areas.
Bullish, until not.
First warning given... wait for more to follow in the coming weeks.
(In about two weeks time, there needs to be a close above 3150, else it should be below 3100. The market’s commitment would be rather obvious by then.
Having said all that, if we view in relation to bonds, gold (and maybe silver), and other related charts like the USD, there is some ominous indication that something will give... and all we need is a trigger.
Meanwhile, make hay while the sun shines!
