S&P 500 Index Can Print One Last Green Before New Drop

SPCFD:SPX   S&P 500 Index
The general picture short-term is bullish but this can easily change.

The volume is low and going lower

Recently we've also been seeing a correlation between Bitcoin and the SPX . Bitcoin started to drop and the SPX is closed on the weekend, it is possible for the SPX also to drop on Monday if the correlation is to continue.

See Bitcoin ( BTCUSD ) here:
I also looked at past history and how the SPX behaves in this type of scenario and another drop is common.

So, even if you see it going up, it is very likely to drop strong and suddenly in the near future.

That's just my opinion of course... Do you agree or not?

Share with us in the comments section below.

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Usually, I would agree that SP is due for a pullback but the FED is going to keep it propped up. All of my calls have printed and none of the puts have in the past 2 months. It just seems to still be a buy the dip market. The only way I see stocks retesting those lows is a second wave of the virus after everything reopens and who knows if that will even cause that much of a dump. Everyone knows how irrational the market is at this point. I do believe we will see some sort of small term pull back this week but it wont be much.

I mean hell, the NASDAQ is about to test the ATH. That explains enough. This is far more than a bear market bounce at this point.

Also in regards to bitcoin, there isn't a true correlation with stocks but bitcoin won't go up significantly if stocks aren't somewhat holding. Really the recent move on BTC is just based on the halving. It's kind of funny how that perfectly aligned with this whole virus stuff. I'm overall bullish on BTC for many reasons I liquidated my position at this recent top expecting this move. Now I'll wait to rebuy 6400-7400 IMO.
+5 Reply
alanmasters fxtradernetwork
@fxtradernetwork, Thanks a lot for the comment, truly appreciated.

I can see your perspective but I don't think the US government will be able to keep up.
+5 Reply
fxtradernetwork alanmasters
@alanmasters, "Unlimited liquidity" it's terrifying how much this money printing is going to inflate the US dollar in the long run. Also, something interesting to look at, last week during the Asia/London sessions (post-market) someone has been buying up ES futures. Some speculate it's the FED because it's easier during the lack of volume as during the NY sessions there has been pretty heavy selling.
+1 Reply
alanmasters fxtradernetwork
@fxtradernetwork, Thanks for sharing.
andyscappinimon fxtradernetwork
@fxtradernetwork, I agree how can be Bitcoin a 300 Million real exchange market (not the faked 6 billion washed money) have any Influence on SP 500 which is love 24 trillion market exchange? it' s just one of the many stories they tell for hyping purposes
alanmasters andyscappinimon
@andyscappinimon, Is not that it will influence it, rather than they started to move together (correlated).
M4m2m0th andyscappinimon
@andyscappinimon, Alan is saying the opposite, bud. To believe that btc has any influence on spx is rediculous. Every breakout from resistance in SPX has been followed by a jump/breakout in BTC for the last 2 months.
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+2 Reply
You are putting yourself out there, I like it. I also agree and did a similar chart last week. Lets see!
+1 Reply
@dawqld, Thanks for the support.

Feel free to share your chart here with us.

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