S&P 500 – False Break Setup & ST Potential Bearishness | Apr 27

SPX 500 – False Break Above ST Resistance (4hr chart)
After briefly poking above 2120 for a few hours, the S&P 500 got hammered intra-day, dropping over 15 points to close on the lows. This has been a common pattern for the US index to gently break above the new highs and then flushing out some short term players.

In this case, we’ve setup a false break setup. ST resistance now comes in at 2120 and the intra-day highs with 2110 as ST support.

Below this my guess is bids won’t step in till 2089 or 2080.

spx500

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