SP500 Heading Down to 100-Week Average
The SP500 is in a downtrend on a weekly basis as price continues to trend below the 50-week price average. Almost every time that the 50-week average fails to act as support, price falls to the 100-week average which currently rests near $3920, or roughly -8% lower than current price at $4260. Should that fail, the 200-week average would be the next area to look for potential support which is -20% from current price. All lower indicators are pointing toward more downside as all are indicating bearish trend and momentum behind price.
I've been short the major averages since January when I sold all of my stocks other than gold/silver, uranium and steel related holdings. No plans to sell my shorts or commodities as long as the SP500 is looking like this bearish. I feel that the geopolitical risk of Russia invading Ukraine has not been totally priced into markets, especially with the US now seizing assets of Russian oligarchs, shutting them off from the US Dollar, and talk of halting oil imports from Russia. Desperate countries do desperate things when pushed into a corner, and Russia is most certainly in a corner with no plans to back down.
Good luck out there traders.
I've been short the major averages since January when I sold all of my stocks other than gold/silver, uranium and steel related holdings. No plans to sell my shorts or commodities as long as the SP500 is looking like this bearish. I feel that the geopolitical risk of Russia invading Ukraine has not been totally priced into markets, especially with the US now seizing assets of Russian oligarchs, shutting them off from the US Dollar, and talk of halting oil imports from Russia. Desperate countries do desperate things when pushed into a corner, and Russia is most certainly in a corner with no plans to back down.
Good luck out there traders.