UPDATE: PULLING THE SHORT TRIGGER ON THE U.S. STOCKS MARKET Short

S&P 500SP

Description

⋅ Jan 20, 2016 2:16 PM

is playing out well so far. However, am taking partial profits at 1821 support level.

1821 level is a major support over the medium to long term, so it is a good idea to book some profits, although i remain bearish on the stocks market.

A break below 1821 will probably confirm a move to my full target around 1608.

For more about it you might be interested in is risk here to stay, or Three economic indicators warn of a recession
Best Regards,
thefxchannel.com/
Technician

Comment

⋅ Jan 20, 2016 8:40 PM

First target hit

Comments

pantheo

⋅ Jan 21, 2016 12:24 PM

Congrats my friend! Fantastic work. Wise move to bank it now, most market internals are exhausted even on medium term. It will be choppy for the next two weeks as usually is after big moves, with a lot of short term up and downs coming. Plus the fact that R/R is not that great from now on. November's doji and 1,618 from the lows was golden opportunity.

all the best

P

Technician

⋅ Jan 21, 2016 5:42 PM

Thank you. True, lets wait for a better position now

Technician

⋅ Jan 20, 2016 9:11 PM

Thanks mates. Indeed, I was lucky

moneymaking

⋅ Jan 20, 2016 9:13 PM

Awesome, getting lucky sometimes is really helpful in the market world. Congrats mate :)

moneymaking

⋅ Jan 20, 2016 9:14 PM

You think we done with selling, or more selling to come?

Technician

⋅ Jan 20, 2016 9:20 PM

I think we might bounce now in the short term. Before going back lower.

moneymaking

⋅ Jan 20, 2016 9:22 PM

Yeah, same outlook for me. Downtrend is quiet strong, small rallies are not enough to this market around :)

Might interest you: cnbc.com/2016/01/20/these-are-classic-signs-of-a-bear-market.html

moneymaking

⋅ Jan 20, 2016 9:23 PM

*Correction: "to turn this market around" :)

Technician

⋅ Jan 20, 2016 9:24 PM

Maybe we will get a stronger upside move now. Before resuming later.

moneymaking

⋅ Jan 20, 2016 9:26 PM

Might be possible, since we got strong rejection from the monthly lows.