Technician
Short

SP500: Time to Short Stocks!

INDEX:SPX   S&P 500 Index
3629 34 39
Update: Targets Hit
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I discussed in earlier posts why i am bearish on equities, hinting the federal reserve easy liquidity withdrawal and many technical conditions. If we just ignore all the warning signals on momentum indicators and the major bearish divergence on breadth indicators. One more major warning signal that cant be ignored IMHO is the breakdown of high yield junk bonds, which have been always a reliable indicator for stock market direction.

JNK             has broken below its long term trend line from 2011, in addition to successfully recording a new lower low. Add to that the major bearish divergence on Breadth, stocks above 200-days SMA .

I am shorting this market, looking for a meaty correction.

Best of Luck , join me at https://twitter.com/thefxchannel
Also at my Facebook             page http://www.thefxchannel.com
My best regards,
Technician

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
We are finally LIVE https://thefxchannel.com
Hey technician! Was wondering if your still gonna be shorting this market? How do the technicals look to you?
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Technician TOP prof_snape
No no no.. :) I am neutral now. There is no short trigger signal for me. If i see one i would surely share it :)
+1 Reply
prof_snape Technician
Ok :) Thanks mate
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Hi technician ! what is S5TH INDEX? rsi??
Reply
It's an index that shows the sp500 stocks above their 200 days simple moving average. If the number of stocks above the 200 SMA increases the index rises, if number of stocks above 200 sma decreases the index falls.
Reply
gunne821 Technician
Hi technician, great call, but do you see a second leg down still coming now? Markets behave like these last couple of weeks didn't happen.
Reply
Well, we will probably rally further, maybe test area near 2000 again.
Reply
gunne821 Technician
Thanks, keep up the good work.
+1 Reply
shibbitz Technician
I know you are already short, would be great if you could do another updated chart on your targets and time frame, your last one hit it on the head. would be interesting to see, and much appreciated
Reply
I will try to do so as i see another short signal. Thank you
Reply
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