SPX 500 | Be aware of the 200 MA | Cup & Handle Pattern
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After an in-depht Analysis of the SPY and the Big players with the biggest Market Cap, i would like to share this with you:
Today we saw a little Market weakness from AMZN, GOOGL, SHOP, NFLX,FB with a little sell off after we hit the overhead resistance.
But the SPY seems strong and the levels intact. RSI also pointing forward.
This could be a potential sign for a retracment from the 100 & 200 Moving Averages. That means we currently forming a new range where the market looks for a support which is has found at around 2700 Points.
Be careful when we reach this level and we dont have market strength behind us. Then in my opinion we could see a pull back to around 2400
BUT remember PRICE ACTION tells the Story not the News.
So if we get a Volume spike when approaching those upper levels its a good sign for staying Long and Optimistic with this specific Asset.
Im staying LONG but with a tight stop loss to keep my gains!!
Remmber this is only my Opinion and in no way financial Advise - Keep doing your own Research and never forget to keep a tight and proper risk managment in place.
Thanks for taking your time to read this!
Sincerly,
Sebastian - Trading Experts EU
SPX
After an in-depht Analysis of the SPY and the Big players with the biggest Market Cap, i would like to share this with you:
Today we saw a little Market weakness from AMZN, GOOGL, SHOP, NFLX,FB with a little sell off after we hit the overhead resistance.
But the SPY seems strong and the levels intact. RSI also pointing forward.
This could be a potential sign for a retracment from the 100 & 200 Moving Averages. That means we currently forming a new range where the market looks for a support which is has found at around 2700 Points.
Be careful when we reach this level and we dont have market strength behind us. Then in my opinion we could see a pull back to around 2400
BUT remember PRICE ACTION tells the Story not the News.
So if we get a Volume spike when approaching those upper levels its a good sign for staying Long and Optimistic with this specific Asset.
Im staying LONG but with a tight stop loss to keep my gains!!
Remmber this is only my Opinion and in no way financial Advise - Keep doing your own Research and never forget to keep a tight and proper risk managment in place.
Thanks for taking your time to read this!
Sincerly,
Sebastian - Trading Experts EU
SPX
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