[SPX] Price Taking a Breather on Resistance... CRASH Alert! Short

S&P 500SP

Description

⋅ Jul 16, 2020 7:54 PM

Got stuck right at predicted resistance today.

Will likely pass through this tomorrow and fall further, maybe to the green line if we're lucky.

If price closes under the green line Friday, you can stick a fork in it. No stopping the drop.

If it holds above, may need another day or two next week for a clear drop to set in.

Comments

SunnyG18

⋅ Jul 16, 2020 10:11 PM

Netflix earnings and guidance could be a catalyst for a downward move tomorrow.

sankarmail

⋅ Jul 16, 2020 8:01 PM

Looking at the strength, I think we might go to 3300. If its easy to drop, we would have already dropped, unless there are some fireworks planned. Bulls are born on Fridays and Bears are born on Mondays.

ProfitHarvest

⋅ Jul 16, 2020 8:29 PM

@sankarmail, That purple line is the 5 year trend. It's unlikely we break above that and even more unlikely we hold above that.

z3m25

⋅ Jul 16, 2020 10:11 PM

@sankarmail, haven't Mondays been green for a month? Netflix may finally take down qqq, about time!

sankarmail

⋅ Jul 16, 2020 10:16 PM

@z3m25, If it has to be born, it will be mostly born on Monday. There is rotation happening, financials, iwm are kind of getting bullish. And SPX way stronger than NDX recently. So I will watch out. Think about it, it is kind of obvious for everyone that as soon as QQQ is doing bad, everyone gets bearish. So market will squeeze the majority. If there are not lot of people to sell, the market becomes bullish. Thats what happened so far. I want majority to become bullish, and at unexpected moment market will crash.