Lavis Chong
Short

Major market correction might be coming - short

SP:SPX   The S&P 500 Index
296 2 0
It looks like a good time to short sell if the candle still fails to close above the trend line today and I'm looking at $1577 as the first profit taking point where the support line laid right on the EMA200. Further short positions can be considered if it breaks below EMA200.

Supporting reasons:
1) EMA20 crossing below EMA50 for the first time since Nov 2012
2) almost one-year-long uptrend line has just been broken few days ago and fail to recover back to above the trend line after a few tries
3) War with syria is closer (latest news on bloomberg)
4) Economic downturn may be near based on average duration of past cycles (source: http://www.nber.org/cycles.html)
It is important to draw the major trend line well if you dont want to have false alarms... Create parallel lines (you can even use fibo or pitchfork) if you want to check support and resistance points... Look at my chart...
snapshot
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Lavis Chong g_adamopoulos
thanks for sharing your view =)
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