BEAR TRAP OR MELTDOWN? SP500 BREACHES UPTREND!
Hello my beauties.
I noticed that the S&P500 has breached a long term trendline that had lasted for over a year. It is the first time since the beginning of this downtrend that we see the price hang around below the trendline, failing to break back above quickly; the price did this a couple of times during the run to stop hunt and create liquidity. We are going to wait for price action to give further confirmation of weakness (such as a breach of solid daily support) before taking any trades, but I suggest you keep an eye out on this index to monitor price action.
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Peace.
Luca, TrickleDownFX
I noticed that the S&P500 has breached a long term trendline that had lasted for over a year. It is the first time since the beginning of this downtrend that we see the price hang around below the trendline, failing to break back above quickly; the price did this a couple of times during the run to stop hunt and create liquidity. We are going to wait for price action to give further confirmation of weakness (such as a breach of solid daily support) before taking any trades, but I suggest you keep an eye out on this index to monitor price action.
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider supporting me if you think I am providing you with value.
Peace.
Luca, TrickleDownFX
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