I didnt have much time for a research this weekend, it's our family trip we are on and I have no time to trade at all.
As promised, do a quick weekend update, will do a broader one for those who are on my email list (if I find time later today)
Next week most important resistance is 3918-20SPX on a daily closing level and 4090SPX on weekly closing.
4090 is the dev bull bear line now, where the main resistance is down to 4300 from 4425
Looking back at the last year same week opening, Im kinda expecting the same with a big gap down and bottom on the 20-21st.
Or it can stretch to 3900 (smaller degree resistance) and 3918-20SPX.
With making lower highs and lows since Jun rally of the lows, I think we have one more unfinished flush to go.
I dont rule out a move up to 3900-20 on Monday/Wednesday to top this weak move off the Jun lows, then more weakness into EOM before a significant rally in Aug.
It could be a move down to 3660-70 or a new low to 3500, the timing is running out for the later number.
I have 20-21st as dates of importance, so either a low (if we fall apart on Monday) or a high (follow through on Monday).
I will be exiting most of my short if its a low and the opposite if its a high.
Again I have mixed signals, so cant be certain at this moment, but Im in lotto puts on to of my main fut short position, just in case we get a last year repeat.
Then the rally up into Aug/early Sep high and then we will get a real move down to finish this first wave of the bigger bear decline we have going into the 2023 and even possibly 2024.
Something suppose to happen in Sep which will produce a crash and Oct should cap the bottom. Then we will have a nice damage control/flight of capital from EU move up into the EOY and continue lower into Mar/Apr of 2023.
P.S. I doe expect the whole rally of 2020 lows to be erased with a possibility of seeing the 2020 lows next year
Enjoy your Sunday!
As promised, do a quick weekend update, will do a broader one for those who are on my email list (if I find time later today)
Next week most important resistance is 3918-20SPX on a daily closing level and 4090SPX on weekly closing.
4090 is the dev bull bear line now, where the main resistance is down to 4300 from 4425
Looking back at the last year same week opening, Im kinda expecting the same with a big gap down and bottom on the 20-21st.
Or it can stretch to 3900 (smaller degree resistance) and 3918-20SPX.
With making lower highs and lows since Jun rally of the lows, I think we have one more unfinished flush to go.
I dont rule out a move up to 3900-20 on Monday/Wednesday to top this weak move off the Jun lows, then more weakness into EOM before a significant rally in Aug.
It could be a move down to 3660-70 or a new low to 3500, the timing is running out for the later number.
I have 20-21st as dates of importance, so either a low (if we fall apart on Monday) or a high (follow through on Monday).
I will be exiting most of my short if its a low and the opposite if its a high.
Again I have mixed signals, so cant be certain at this moment, but Im in lotto puts on to of my main fut short position, just in case we get a last year repeat.
Then the rally up into Aug/early Sep high and then we will get a real move down to finish this first wave of the bigger bear decline we have going into the 2023 and even possibly 2024.
Something suppose to happen in Sep which will produce a crash and Oct should cap the bottom. Then we will have a nice damage control/flight of capital from EU move up into the EOY and continue lower into Mar/Apr of 2023.
P.S. I doe expect the whole rally of 2020 lows to be erased with a possibility of seeing the 2020 lows next year
Enjoy your Sunday!