[SPX] Double Top Setup... Dead Cat Bounce Drawing to a Close!
Price got shut down right in between the tiny EMA 2 & 8 gap.
Divergence between the EMA 2 & 8 is steadily increasing above the 144. At 150 points currently.
SMA 34 crossed the EMA 144 back in June already and now increasing divergence. At 50 points.
The EMA 34 is about to pop over the 144 and important trend reversal confirm, especially as the divergence picks up steam.
If Price hits the top BB next week, we may have some bullish strength. If it can't reach the top, then it's a confirm we're running out of steam here and are probably looking to correct at least down to the SMA 34 if not the EMA 34 and 144 and 3090 S/R range.
If we can break through that area, next target would be bottom of BB. If we don't stop and reverse there, we're looking at the 2940 S/R but getting to that in the next week or two would probably mean a bigger crash. It's too deep and lonely to provide much support in this climate.
Divergence between the EMA 2 & 8 is steadily increasing above the 144. At 150 points currently.
SMA 34 crossed the EMA 144 back in June already and now increasing divergence. At 50 points.
The EMA 34 is about to pop over the 144 and important trend reversal confirm, especially as the divergence picks up steam.
If Price hits the top BB next week, we may have some bullish strength. If it can't reach the top, then it's a confirm we're running out of steam here and are probably looking to correct at least down to the SMA 34 if not the EMA 34 and 144 and 3090 S/R range.
If we can break through that area, next target would be bottom of BB. If we don't stop and reverse there, we're looking at the 2940 S/R but getting to that in the next week or two would probably mean a bigger crash. It's too deep and lonely to provide much support in this climate.
Data analyst with a passion for best fit lines B)
