SPX500 Retracement Should Provide Selling Opportunities

Nenad Kerkez Top-XE

The SPX500 is in a strong uptrend. Record highs on the Equity have made short traders close their positions. It could change today.

3115-20 is the zone where we might see selling. OB (overbought) pink dot is signaling the price is indeed overbought, a rejection off the W H3 camarilla with a bearish engulfer cue for the downmove. The first target is 3104. If the price breaks below the trend line (3100) we should see a continuation down to 3092, 3072 and 3050. The time for a retracement has come.

The analysis has been done with the CAMMACD.MTF template.

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Author

Nenad Kerkez

Top-XE

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