S&P 500 – ST Corrective Structure Failed, Potential False Break Setup | May 17

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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.

S&P 500 Market Commentary 2ndskiesforex

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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