S&P 500 is looking weak

Russell Shor, CFTe, MFTA FXCM

The above shows the daily time frame. SPX500’s EMAs are in bearish formation. The green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EA is below the black 34-day EMA. The RSI(9) is below 50 and bearish, however it is currently oversold. After Wednesday’s capitulation, Thursday’s candle showed further bearishness with a lower high and lower low. Friday’s candle was a blue inside day i.e. although some bulls tried to buy “bargains” the day’s range was completely inside of Thursday’s candle. This is also denotes indecision and a lack of bullish enthusiasm.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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