Look for the SPX to trade rangebound between 2960 and 2880 for 2 to 3 weeks, followed by a significant move either to the upside or downside.
Its too early to tell which way the move will resolve, so be watching closely. My bias is towards the downside, specifically towards the trend-line at 2790, but considering the amount of liquidity the Fed has already pumped into the market, I would not be surprised to see the S&P shoot higher.
Its too early to tell which way the move will resolve, so be watching closely. My bias is towards the downside, specifically towards the trend-line at 2790, but considering the amount of liquidity the Fed has already pumped into the market, I would not be surprised to see the S&P shoot higher.
Comment:
S&P has fallen through support 2880-2870 and is failing to recapture it. 2790 is my next target
Comment:
A bounce to 2945-2960 still looks likely.
Trade active:
First target achieved. Wait for pattern before entering short. The Fed pumped a lot of money into the market and is continuing to do so, which could potentially send this market back to new highs. Lets wait and see.
Trade active:
Nearing 2nd target. Looking at the gap down, it looks like it could get as low 2880. Lets see what happens.
Comment:
If the white trendline breaks decisively, which comes in around 2900, look out below. Otherwise, if it holds, look for another bounce as stated
Comment:
Actually, to be more precise it comes in at about 2879
