S+P 500 appears to be constructing
a Bearish ROUNDED TOP Pattern,
as this weeks aborted rally attempts to 2685,
have created what looks to me as a CIRCULAR DOME
Please Note:
Same Circular Dome Pattern is also shown on RSI, as a Confirming Indicator
Quantified Distance :
From this weeks high of SPX 2685, to this weeks Low of SPX 2583,
measured distance of the move equals 102 points.
Thus, if my pattern assumption proves correct,
the minimum initial target for this pattern is a retest of this weeks Low at 2583.
Please Note:
Should 2583 fail to support this pattern,
then an almost certain retest of the 2018 Low at 2532 would follow next..
possibly timed around next weeks
Major Fed Policy Meeting on Interest Rates on Dec.19,2018
SPX Last 2650.54
THE_UNWIND
12/13/18 1150 PM
NEW YORK
a Bearish ROUNDED TOP Pattern,
as this weeks aborted rally attempts to 2685,
have created what looks to me as a CIRCULAR DOME
Please Note:
Same Circular Dome Pattern is also shown on RSI, as a Confirming Indicator
Quantified Distance :
From this weeks high of SPX 2685, to this weeks Low of SPX 2583,
measured distance of the move equals 102 points.
Thus, if my pattern assumption proves correct,
the minimum initial target for this pattern is a retest of this weeks Low at 2583.
Please Note:
Should 2583 fail to support this pattern,
then an almost certain retest of the 2018 Low at 2532 would follow next..
possibly timed around next weeks
Major Fed Policy Meeting on Interest Rates on Dec.19,2018
SPX Last 2650.54
THE_UNWIND
12/13/18 1150 PM
NEW YORK
Comment:
S+P Has Broken Major Support at 2620.
Quite a Bearish Event, make no mistake.
Selling had to be substantial to break that level of support,
as I indicated in my last update.
Rounded Top Breakdown in full momentum now
SHORT AGAIN @ 2620
Using 2633.82 Today's High as a Short Position STOP
SPX Last 2609.57
THE_UNWIND
12/14/18 1215PM
NEW YORK
Quite a Bearish Event, make no mistake.
Selling had to be substantial to break that level of support,
as I indicated in my last update.
Rounded Top Breakdown in full momentum now
SHORT AGAIN @ 2620
Using 2633.82 Today's High as a Short Position STOP
SPX Last 2609.57
THE_UNWIND
12/14/18 1215PM
NEW YORK
Comment:
If you read my most from just 4 days ago,
I suggested a break of S+P 2620, would get you 2585
and if that support was broken, a targeted move down to 2532,
2018 Low would occur next, possibly this week.
Today both targets I mentioned were reached.
THE_UNWIND
12/17/18 350 PM
NEW YORK
I suggested a break of S+P 2620, would get you 2585
and if that support was broken, a targeted move down to 2532,
2018 Low would occur next, possibly this week.
Today both targets I mentioned were reached.
THE_UNWIND
12/17/18 350 PM
NEW YORK
is the 4th time that price area has been targeted,and successfully tested.
There is substantial Cash and Futures Support at that level.
When buying pressure like that comes in, it is important to immediately
recognize it's presence.
Until/If 2621 is broken decisively to the downside,
I suggest cashing in on SHORT profits in the last 24 hours
I personally just did the same,
from an SPXS purchase on 12/13
at S+P 2670 RESISTANCE.
Profit was 50 S+P Points, in less than 24 hours of risk.
Know your major Support and Resistance Numbers !
I shall immediately re- SHORT Decisive Break of S+P 2620,
for the balance of the day, into the Close.
SPX Last 2633.12
Please Note:
These observations are based on my chart readings that I keep.
Advise given here should not be construed as trading advise.
Thank you.
THE_UNWIND
12/14/18 10 AM
NEW YORK