US500: Head and shoulders signals trouble ahead
Bears are tightening their grip as US500 heads for a weekly close below 7,400 and its 50-SMA, raising the risk of further downside in the sessions ahead.
XM Group
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76 days ago
Overview: The latest downturn is breathing life into a brewing head-and-shoulders pattern, hinting at deeper losses after the index snapped a two-week rebound.
Momentum: No convincing signs of an oversold market exist yet, allowing sellers to retain the upper hand as both the RSI and the MACD slip into the bearish zone.
Bearish scenario: A decisive break below the 23.6% Fibonacci at 7,300 could trigger a more aggressive sell-off toward the 7,120-7,160 region. Additional losses from there could shift attention to the 7,000-7,040 region.
Risk: A sustained move above the 20-SMA at 7,450 could cast doubt on the negative trend reversal scenario.
XM Group
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STARTRADER
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FxPro
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ATFX
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Bitcoin edges lower for a 4th day, capped by the 50-week MA
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FxPro
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