๐ฏS&P 500 - weakness ahead
A month ago SPX topped close by the previous ATH at a resistance area with an engulfing candle, a clear reversal signal, just a couple of weeks after DXY (dollar index) started to raise again.
Yesterday we had the exact same pattern occur, an engulfing candle to the downside, at a previous resistance level.
Today Jerome Powell presented a hawkish stance of the Fed for the foreseeable future.
Combine the above with a DXY on the raise that broke its downtrend last week and it looks like we are in for more downside on the S&P.
Zooming out, where do you think we are on the Wall Street Cheat Sheet? Here is an unpopular opinion from Gareth Soloway that I tend to agree with. Maybe even Bitcoin's double top in '21 is something relatable to S&P today - and BTC found its potential bottom one year later.
What do you think? Share your thoughts below.
Yesterday we had the exact same pattern occur, an engulfing candle to the downside, at a previous resistance level.
Today Jerome Powell presented a hawkish stance of the Fed for the foreseeable future.
Combine the above with a DXY on the raise that broke its downtrend last week and it looks like we are in for more downside on the S&P.
Zooming out, where do you think we are on the Wall Street Cheat Sheet? Here is an unpopular opinion from Gareth Soloway that I tend to agree with. Maybe even Bitcoin's double top in '21 is something relatable to S&P today - and BTC found its potential bottom one year later.
What do you think? Share your thoughts below.
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