In recent days the follow through momentum of the buys has started to fail. If SPX is unable to break 4180 we might be heading to 3600. Please refer to Most interesting week in a while. - by HoleyProfit (substack.com) for contingency bull plans (Plans have not changed since then) but trying some bear entries now.
I feel like the market might move fast so I’ll keep the initial case for this really brief for now and provide a better write up later. This might be one of those times when we’re racing the market to get posts out.
The easiest thing to show is the 76s. We’re hitting a lot of 76s and we’ve seen flattening out price action after hitting these.
These have come in all the indices. For brevity we’ll stick to SPX in this one and do better updates later for the others / more detailed stuff for edu.
Further to the 76s, we’ve failed to break local 161s. A strong signal. Indeed, one we used to pick out the ATH in SPX in 2021.
We’ve inside of the zone of 161 - 220. While the market uptrends I tend to treat this as a trend continuation but in the context of other things, this might just be a false breakout. This one is not very useful as a standalone signal but it does give a much stronger bearish bias if we break under the 161.
See our short entry levels here. Trader holeyprofit — Trading Ideas & Charts — TradingView
A more detailed version of this covering other indices, stocks and currencies will be sent out to paid subs sometime in the coming days. When we have a bit more info from the market and have a bit more time to do a write up on it.