Are major banks predicting a sell signal in the market?
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<p>Emini S&P September could be forming a short term head & shoulders or a diamond top after we failed to retest last week’s high at 4634.</p>
<p>We are trading below the 100 & 200 hour moving averages which is a warning to short term bulls. We are testing support at 4570/60 but I am less confident this will hold today & a break below 4550 should be a sell signal to target 4535 & 4510/4500.</p>
<p>Resistance at 4600/4610. A break higher can retest 4630/35. A break above 4640 is a buy signal & can target 4670/75, perhaps as far as 4695/99.</p>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638265593541106891.png" target="_blank" rel="noopener"><img decoding="async" alt="Chart" src="https://editorial.fxstreet.com/miscelaneous/image-638265593541106891.png" /></a></p>
<p>Nasdaq September has traded sideways for 2 weeks in a range from 15522/483 up to 16062.</p>
<p>Short term support at 15700/650. A break below here is a sell signal for today & can target 15470/420.</p>
<p>A break below 15400 is the next sell signal for this week targeting 15300/250.</p>
<p>Minor 2 week trend line resistance at 15800/850. A break above 15900 can retest the July recovery high at 16040/16060. A break above here can target 16300/350.</p>
<p>Emini Dow Jones September staged a recovery after Thursday’s negative action & we retested Friday’s high but held which means we have a potential double top pattern forming. The question now is whether we break above Thursday’s high at 35843 to continue the bull trend or Thursday’s low & support at 35375/345. (I favour a break lower but I am only guessing).</p>
<p>A break lower confirms the double top for a sell signal targeting 35100/35000, probably as far as 34850.</p>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638265593597509024.png" target="_blank" rel="noopener"><img decoding="async" alt="Chart" src="https://editorial.fxstreet.com/miscelaneous/image-638265593597509024.png" /></a></p>
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<br /><a href="https://www.fxstreet.com/news/emini-sp-september-could-be-forming-a-short-term-202308020749">Source link </a></p><p>The post <a href="https://forextraderhub.com/are-major-banks-predicting-a-sell-signal-in-the-market.html">Are major banks predicting a sell signal in the market?</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>
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