Market correction is imminent. I've posted several big wins recently and now I am sitting in cash and have hedged short on SPX.
As I've mentioned in my videos as of recent, NDX made new highs and is also reaching a point of exhaustion. Individual stocks are very strong but the market is due for a larger corrective movement.
I'm expecting SPX to make a move to 4000-4100 in the coming weeks. A local top should develop within the next week and the correction should happen within about 1-2 weeks from there. We've been supported by the 21EMA (in yellow) but a move down to the 200EMA or 200SMA would make a lot of sense to me. Once we get there, a rally to 5000 would be in the cards for me going into December 2021.
You will notice I have a very bearish alternative going down to 3220, but just to clarify, I do not expect that to pan out at all.
As I've mentioned in my videos as of recent, NDX made new highs and is also reaching a point of exhaustion. Individual stocks are very strong but the market is due for a larger corrective movement.
I'm expecting SPX to make a move to 4000-4100 in the coming weeks. A local top should develop within the next week and the correction should happen within about 1-2 weeks from there. We've been supported by the 21EMA (in yellow) but a move down to the 200EMA or 200SMA would make a lot of sense to me. Once we get there, a rally to 5000 would be in the cards for me going into December 2021.
You will notice I have a very bearish alternative going down to 3220, but just to clarify, I do not expect that to pan out at all.
Trade active:
Cashed in some profit on my VIX calls today. Most are expiring the end of the month, so I'm hanging on for a while longer. I also cashed in on some short term SPX Call Credit Spreads this morning.
Trade closed: target reached:
I never updated this idea but I cashed in on the drop on Monday - You can check my twitter account for collateral.
I am looking for another major top but for now, I think we creep up some more.
I am looking for another major top but for now, I think we creep up some more.