Technical analysis by bitcosar about Symbol SPYX: Sell recommendation (1/13/2025)

SP500 (SPX) 'Shoulder Head and Shoulders (OBO)' Formation has formed and broken. The shoulder head and shoulders formation, which is one of the formations that is frequently encountered in technical analysis and has a high reliability rate, is considered an important indicator in trend reversals. This formation is a strong technical structure that indicates that the uptrend is ending and the downtrend may begin. This formation, which has a high level of reliability, offers an effective tool for investors in predicting the direction change of the trend. On January 10, 2025, the 5830-5880 support was broken. Yesterday, even though the opening of the week was positive, it closed at the 5836 level and could not rise above the horizontal resistance. The 5830-5880 region can now work as resistance; in other words, this could be a retest movement. Since the support zone was broken, the price target of the OBO formation became active. Naturally, as long as the price does not rise above the old support zone, which is the new resistance zone, I think the OBO formation will collapse to its price target of 5600. My current price target is 5600. If the 5600 horizontal support is also broken, good luck; the 15-month-long upward trend will be broken. The US Producer Price Index (PPI) will be announced tomorrow at 16:30. US stock markets will be announced at 17:30. PPI is expected to be announced at 3.4%; the previous one was 3.00%. If PPI comes in above expectations, I think the declines in SPX and Bitcoin will continue. I, on the other hand, think that PPI may come in above expectations since the employment and JOLTS data are good. If it is announced below expectations, the markets will price this positively. In this context, I think tomorrow's PPI data is very important. Volatility and liquidity cleanups will continue; For this reason, do not use leverage, and even if you do, be very careful about your liquidity levels both in the upward and downward directions.🔥 I teach investment strategies with my Cryptocurrency Academy, BİTCOŞAR Millionaires Club (BMK)!✅ Click on this link to join BMK Academy with a 50% DISCOUNT: https://bit.ly/BMKAkademi