Due to the violent whipsaw trading that proceeded and followed last weeks Fed meeting,
I want to clarify my position to all those who follow my work regarding the S+P 500.
My belief is that an upside target of 2872.97, the 1/26/18 Close,
still exists, and is a real possibility at this point.
However, I also held forth the belief that if 2810 support, were to be broken,
that I would change my short term opinion to bearish.
and this is what happened on Friday 3/22/19.
So as to be clear, here is my current market opinion.
1.As long as the S+P stays below 2810, I am Bearish.
2.If the S+P closes back above 2810 , any time going forward, then my position will return to neutral
3 Should the S+P Close above last weeks high at 2860.31,
that would be a bullish weekly reversal,
and immediately open the possibility of a run up to 2872.97 high of 1/26/18
4.Finally, should the S+P exceed 2872.97 anytime going forward,
then the Bearish Head and Shoulders Reversal Pattern pictured here that I am seeing would be negated, and invalidated
and a run up towards 2900, and then the all time high of 2940 would be the expectation.
Thank you,
THE_UNWIND
3/24/19
Mountains?New York
I want to clarify my position to all those who follow my work regarding the S+P 500.
My belief is that an upside target of 2872.97, the 1/26/18 Close,
still exists, and is a real possibility at this point.
However, I also held forth the belief that if 2810 support, were to be broken,
that I would change my short term opinion to bearish.
and this is what happened on Friday 3/22/19.
So as to be clear, here is my current market opinion.
1.As long as the S+P stays below 2810, I am Bearish.
2.If the S+P closes back above 2810 , any time going forward, then my position will return to neutral
3 Should the S+P Close above last weeks high at 2860.31,
that would be a bullish weekly reversal,
and immediately open the possibility of a run up to 2872.97 high of 1/26/18
4.Finally, should the S+P exceed 2872.97 anytime going forward,
then the Bearish Head and Shoulders Reversal Pattern pictured here that I am seeing would be negated, and invalidated
and a run up towards 2900, and then the all time high of 2940 would be the expectation.
Thank you,
THE_UNWIND
3/24/19
Mountains?New York