Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
S&P 500 – ST Corrective Structure Failed, Potential False Break Setup | May 17
My Current Active Open Trades: AUDUSD, USDNOK, EURPLN, XAUTHB, AX_UN, RY, BNS, BMO, CUF_UN
S&P500 – ST corrective structure failed to hold (4hr chart)
After being stuck within a ST corrective structure, holding close to the 2400 resistance for 3 weeks, bears managed to get the upper hand today and pushed price through the bottom of the corrective structure.
This changes our MT/ST bias slightly and opens up for more bearish trades short term.
Our LT bullish bias is unchanged as long as we remain above 2325 on a daily closing basis.
ST bears can look to play weak pullbacks into 2380 while keeping an eye out for a potential false break setup.
Meanwhile LT/MT bulls can look for buying opportunities around 2325.
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