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.
Just be very careful with position size in Inverse ETF's.
One large overnight gap to the upside in price, can trap you in money losing position,
and if the market continues to rise your losses will only grow.
Bottom Line. Place a stop, immediately after purchase, and honor it,
so as not to be trapped if you are wrong on the entry point.
My advise is to position into the trade, so you can manage risk.
Good luck to you.