S&P 500 - terrible weekly chart
There is one day left to the end of the weekly chart. Currently, it could be considered disadvantageous for the market bulls and could look great for the market bears. The market has pulled back from the record highs and is trying to create a potential shooting star candlestick pattern.
What is more, if the weekly candle closes below the previous top at 3590 it could form a falling of the roof pattern. Additionally, the upper limit within an upward channel is defended with a potential bearish harmonic pattern.
All these things, from a technical point of view, could indicate a downward trend in the coming weeks with potential support at 3300 pts.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, if the weekly candle closes below the previous top at 3590 it could form a falling of the roof pattern. Additionally, the upper limit within an upward channel is defended with a potential bearish harmonic pattern.
All these things, from a technical point of view, could indicate a downward trend in the coming weeks with potential support at 3300 pts.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.