Market is still weak, beware of going long $SPX
The market selloff just reached 50% of its down trip, another 50% to go. We are still in a downtrend and for sure we will see some bullish pops, caution not to go long unless it's really short term.
Based on my analysis, we can reach the $2890 level before starting to see a bounce back. MACD is just crossing 0 and RSI is not in oversold territory yet. So all what happened is just simply a correction and not a pull back.
I marked in blue the MACD and RSI levels we need to reach before seeing a shift in trend and sentiment.
Based on my analysis, we can reach the $2890 level before starting to see a bounce back. MACD is just crossing 0 and RSI is not in oversold territory yet. So all what happened is just simply a correction and not a pull back.
I marked in blue the MACD and RSI levels we need to reach before seeing a shift in trend and sentiment.
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