NEW YORK (TheStreet) -- The S&P 500 is looking increasingly weak in recent days, especially following the fakey signal we saw form last week (see chart below). If price holds under the high of this fakey, we would expect to see move at least down to re-test 2035 key support. Traders can look to sell this week on a price action sell signal if price strengthens modestly from here. We may also consider being buyers down near 2035 key support level if a buy signal forms there, assuming price does test near that support in the coming days.



Follow the S&P 500 with the SPDR S&P 500 ETF (SPY - Get Report) and the Vanguard S&P 500 ETF (VOO - Get Report). 

Hong Kong Index Weakens From Pin Bar Signal

Stay bearish on the Hong Kong Index. There was a pin bar signal on July 28 (see chart below) and the high of that pin bar is a containment/resistance level. While price remains under that level, we can look for one hour, four hour or daily chart sell signals on any rotation higher, to rejoin the downtrend for those not already short.

Follow the Hong Kong Index with the iShares MCSI Hong Kong ETF (EWH - Get Report).

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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.