Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

S&P500 Analysis & Trading Plan - 30 July 2024 - By Vladimir Ribakov #trading #forex #fyp #shorts

30 Jul 2024 · 1 min

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Vladimir Ribakov identifies a weekly MACD divergence on the S&P 500 where price hit higher highs but the indicator didn't, signaling weakening momentum. The index broke below its April trendline on the 4-hour chart and is forming lower highs and lower lows, a bearish structure that suggests sellers will push lower after any pullback.

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Is it time to sell the S&P? Let's take a look on the charts. After the weekly time frame completed a bearish divergence on the moving average of the MACD— classical rally, higher highs on the chart, lower highs on the peaks of the moving average of the MACD— the 4-hour chart breaks below the last rising trend line, massive long-term trend line starting in April. Not just a breakout, but also making clean lower highs, lower lows to provide a beautiful bearish price action, bearish price structure. On a short term, pullbacks are welcome, but after the pullbacks complete, I believe the sellers will take the further control and push the price down again. Share your thoughts in the comments.