SPX Bearish Flag Suggests Caution on H1 Timeframe
The below is the hourly chart of the SPX500. On a longer-term chart the index is looking relatively healthy. However, the escalation in the mid-east seems to have turned the immediate sentiment to risk averse. If so, the index may decline further as capital seeks haven assets. To this end we note the bearish flag pattern (aqua parallel lines). The RSI is below 50 (blue square) and if the EMAs develop angle and separation to the downside the bearish scenario will be given weight. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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