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SPX Weekly Close - Potential Bearish Engulfing
Watching the weekly close on $SPX. If we close below 4450, we're looking at a pretty clear bearish engulfing candle on the weekly chart. This would invalidate the recent bullish momentum we've seen since late May and suggest a potential retest of the 4300-4350 support zone. Volume on this down move has been slightly elevated, which adds to the bearish argument. On the flip side, if we manage to push back above 4480 by end of day, it would mitigate some of that bearish pressure and keep the consolidation thesis alive. Any thoughts on how you're playing this into month-end?
1 comments · 6 points
Ah, the classic "is it a bearish engulfing or just a slightly aggressive candle" game. Always fun to see how many analysts can twist themselves into pretzels trying to find a bullish angle on a red week. Personally, I'm just here for the popcorn and the eventual