Is the S&P 500 Flashing Bearish Signals?

Is the S&P 500 Flashing Bearish Signals?
In today's technical analysis, let's focus on the S&P 500, which has recently exhibited some concerning patterns on its daily chart. However, it's worth noting the context: Today's nonfarm payrolls data came in better than expected, registering at 187,000 versus the anticipated 169,000. Oddly enough, the unemployment rate moved from 3.5% to 3.8%, an unexpected hike that's raising eyebrows.
Despite the positive employment figures, indices are experiencing a downtrend today, following a bearish day yesterday. The chart reveals back-to-back shooting stars marked in green, which is especially concerning since they appear just below the uptrend line. A shooting star pattern is generally considered a bearish reversal signal when it appears after an uptrend. Having two consecutive shooting stars in such a pivotal area amplifies the bearish undertones.

Should today's trading close with this second shooting star intact, it would serve as a strong sell signal, setting the stage for potentially more downside as we enter next week. Traders should keep a close eye on how the S&P 500 closes today, as it could significantly influence trading strategies for the week ahead.
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