SPX & NQ - Rolling Over??
The stock markets are looking extremely weak at the moment and after what turned out to be a "sucker's" rally that lasted about a week from early October, things appear to be heading south quickly again.
SPX has broken out of its rising channel that had begun since the start of the bull run from 13 Oct 2022 even closed (slightly) below its 200 Day moving average last Friday.
Both the SPX's and NQ's momentums had clearly shifted away from a rising trend to sideways in the past 2 months (forming 2 lower peaks now). The descending triangle pattern in NQ is also potentially bearish with higher odds of breaking to the downside eventually.
Any near term rallies are not to be trusted unless we can break above the trendline resistences (red) for a start, not to mention market breath in both indices need to improve significantly.
Mostly trading short term or sitting on the sidelines for now.
Disclaimer:
This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important!
Take care and Good Luck!
SPX has broken out of its rising channel that had begun since the start of the bull run from 13 Oct 2022 even closed (slightly) below its 200 Day moving average last Friday.
Both the SPX's and NQ's momentums had clearly shifted away from a rising trend to sideways in the past 2 months (forming 2 lower peaks now). The descending triangle pattern in NQ is also potentially bearish with higher odds of breaking to the downside eventually.
Any near term rallies are not to be trusted unless we can break above the trendline resistences (red) for a start, not to mention market breath in both indices need to improve significantly.
Mostly trading short term or sitting on the sidelines for now.
Disclaimer:
This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important!
Take care and Good Luck!
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