SPX500 Retracement Should Provide Selling Opportunities

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear Traders,

The SPX500 is in a strong uptrend. Record highs on the Equity have made short traders close their positions. It could change today.

3115-20 is the zone where we might see selling. OB (overbought) pink dot is signaling the price is indeed overbought, a rejection off the W H3 camarilla with a bearish engulfer cue for the downmove. The first target is 3104. If the price breaks below the trend line (3100) we should see a continuation down to 3092, 3072 and 3050. The time for a retracement has come.

The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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