Before we go over to a forecast of Monday’s trading, let’s resume today’s chart:
Forecast for today trading pattern was as following:
Tomorrow, April 18th, 2019 are we looking for an #SPX chart pattern with an early high, a low at around 10:15 so a rally to a lower high at 11 / 11:30.
Then we should start a decline – expected to be a sharp one – to a low at or around 2 pm followed by a rally to a high at 3:30 and so a sell-off to a low into closing bell.
…. and here is what we traded today:
Started well, but we had instead of the “sharp decline” we had a rally until 3pm, then we had the expected selling into closing bell. –> Not good… 🙁
SPX – Expected pattern for Monday, April 22 th
Monday pattern is the one with an early high at around 10 am, selling until around 10:30 followed by a rally until around 11:30 / 12pm.
During the afternoon could be mixed with lower prices but also rallies until 3pm, last hour trading is characterized by sell pressure.
I’m bearish for early next week, so my expectation is a weak trading day where bears will be in charge ;o