Hello, I don't know whether the market is continuing up or retrace soon, but already mentioned how entering the Spx now is dangerous as the reward is lower (ATH is at 3400) than the potential loss.
I identified the POCs (price levels at which majority of trades occur), and I noticed that the overall global POC is at 2800 level: this is understandable as it is within the retracement area/box. This was an area characterized by great uncertainty (is the price gonna break up or just a retrace before heading lower?)
Once having broken to the upside, people waited to be above 3000 again (and also above the 200MA) to trust the rally and enter. This was the most dangerous moment to join as I mentioned before. In the recent sessions I see anothers cluster of SELLING volumes. Time for a retrace? Should I take any position now, I would say SHORT. Personally I am waiting the SPX to go below 3000 before entering with new positions. Except for few selected companies but throught CALL options
I identified the POCs (price levels at which majority of trades occur), and I noticed that the overall global POC is at 2800 level: this is understandable as it is within the retracement area/box. This was an area characterized by great uncertainty (is the price gonna break up or just a retrace before heading lower?)
Once having broken to the upside, people waited to be above 3000 again (and also above the 200MA) to trust the rally and enter. This was the most dangerous moment to join as I mentioned before. In the recent sessions I see anothers cluster of SELLING volumes. Time for a retrace? Should I take any position now, I would say SHORT. Personally I am waiting the SPX to go below 3000 before entering with new positions. Except for few selected companies but throught CALL options
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Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
