Technical Analysis of Daily Price Movement of S&P 500 Index, Monday July 17, 2023.
July 17, 2023 6:23 am
On the daily chart the S&P 500 index, although the bias condition as a whole is still in a bull condition, this is confirmed by the 50 & 200 EMA, which is still the Golden Cross and the price is moving in the channel, which is swooping upwards, but some interesting facts appear as follows. :
1. There is a Bearish 3 Little Indian pattern.
2. There is a Bearish Wolves Pattern.
3. The emergence of deviations between the MACD indicator and price movements.
4. There is a bearish Pinbar Candle pattern.
Through the three facts above, in the next few days the S&P 500 index has the potential to be corrected down for the next few days where 4379.95 and/or the ETA Line from Wolve Waves will be the main goal of #SPX and if this level is successfully broken down then the next level will be 4329.36. is the next target that the S&P 500 index will try to test, but if on its way to these target levels suddenly the #SPX returns to its initial bias and breaks above the 4530.06 level, then all of the downward correction scenarios described earlier will become invalid and automatically cancel by itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the daily chart the S&P 500 index, although the bias condition as a whole is still in a bull condition, this is confirmed by the 50 & 200 EMA, which is still the Golden Cross and the price is moving in the channel, which is swooping upwards, but some interesting facts appear as follows. :
1. There is a Bearish 3 Little Indian pattern.
2. There is a Bearish Wolves Pattern.
3. The emergence of deviations between the MACD indicator and price movements.
4. There is a bearish Pinbar Candle pattern.
Through the three facts above, in the next few days the S&P 500 index has the potential to be corrected down for the next few days where 4379.95 and/or the ETA Line from Wolve Waves will be the main goal of #SPX and if this level is successfully broken down then the next level will be 4329.36. is the next target that the S&P 500 index will try to test, but if on its way to these target levels suddenly the #SPX returns to its initial bias and breaks above the 4530.06 level, then all of the downward correction scenarios described earlier will become invalid and automatically cancel by itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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