This week's recovery rally of the S&P 500 closed with candlestick of a retracement rally after testing the weekly support structure area. Zooming into the 4H chart, price action suggest that it will retest the lows of the previous week soon and if broken, it would open a possibility of a long bear movement.
COT data this week suggest that the retail traders are in the strongly bullish and the hedge funds are strongly bearish which has posted one of the strongest contrast in the past 5 years. This normally suggests a strong movement to come. I would be watching for shorts after the structure areas are broken.
COT data this week suggest that the retail traders are in the strongly bullish and the hedge funds are strongly bearish which has posted one of the strongest contrast in the past 5 years. This normally suggests a strong movement to come. I would be watching for shorts after the structure areas are broken.