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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