SPX 05.12.2016 D1 chart.
Clear uptrend and formation for probable reversal of the price tendance.
3 lower highs and 3 lower lows - a beginning of a downtrend.
Last bar opens with a gap in direction of the last downward movement.
Break below diagonal and horizontal supports, current resistances.
Techcanical indicators:
DeM(14) reverses in overbought zone above 0,7 and crosses below - strong negative signal
Sentiment: Italy referendum vote will be negative, especially for the banking sector, which was the main reason for the US indexes rally.
Entry now or after a correction around 2190 to minimize risk and a goal for a smaller stop loss.
SL 2212.00
Jr. Trader Nikolay Georgiev
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