SPX500 Spot Hits 3501 highs yesterday
SPX500 Spot rallied yet another day and hit 3501 before pulling back. There are no signs of a potential bearish reversal yet but upside remains limited hence it is good to avoid getting into a bull trap. The indice has closed around 3484 yesterday but futures are trading higher around 3507 as we prepare this update. It has managed to produce a tweezer top candlestick pattern on the 4H chart but we need to see a break below 3350 support, to confirm a meaningful top in place. Good to remain flat and wait for a bearish turn.
Remain flat for now. Prepare to sell.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain flat for now. Prepare to sell.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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