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 - 5 Nov 2024

5 Nov 2024 · 1 min

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1:04

Vladimir Ribakov breaks down why the S&P 500 is in a bearish technical setup. The weekly chart shows a clean bearish divergence: price makes higher highs while MACD makes lower highs. Trendlines on daily and 4-hour charts have broken downside, and the index shows three consecutive lower highs followed by lower lows.

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Here is why the S&P 500 remains technically bearish. Before the chart, note today is the elections day that could have a direct effect and impact on the indices. However, let's take a look what happens technically. Weekly chart, clean developing bearish divergence, higher highs on the chart, lower highs on the moving average of the MACD. The most recent trend line on the daily and the 4-hour chart was broken to the downside. And as it happens, we see clean bearish trend structure— 3 lower highs, lower lows. On a short-term pullbacks towards these Fibonacci levels are welcome, but as long as these levels will hold, technically speaking, S&P should continue further down.