S&P Bearish Wedge Pattern Forming

S&P Bearish Wedge Pattern Forming

While the DAX is already red for the day, the US index is trading lower pre-market.

The Emini price action shows a contracting wedge formation which could indicate a short correction is about to happen. The 2878 level, which has been strong support and resistance in the past is just a few points above the current price.

Unemployment data out of the US is due tomorrow and the record numbers are expected to carry forward as well.

A breakout out of the wedge may lead to a new bearish correction. If the price bounces off the wedge trendline, the resistance is the next likely target.

 

Welcome back to the third Tradeciety Tuesday. And thanks for the overwhelming feedback I got last week. It is great
Being a forex trader is more than just buying and selling some currencies, but the fewest traders are aware of
There are plenty of markets out there to choose from. Most people randomly choose a market because they heard from
Coming from a Poker background, I have seen a lot of other gambling businesses as well, apart from trading: sports
Do you remember the time when you were just getting started in trading and your mind was open to all
Video Transcript (the transcript has been created automatically via an algorithm - please excuse typos and potential errors in the

No Comments

Comments are closed.

Join our newsletter, get the free eBook and the webinar
10 Laws for Trading Success
Subscribe & Get eBook
I agree to the Privacy Policy
No thanks
10 Laws for Trading Success
Join our newsletter, get the free eBook and the webinar
Subscribe & Get eBook
No Thanks
I agree to the Privacy Policy

Cookie Consent

This website uses cookies to give you the best experience. Agree by clicking the 'Accept' button.