S+P 500 looks to open trading in 2019,
with an "Island Top" Reversal Break of the Rising Wedge Pattern,
as shown here on the 15 minute chart.
A 15 point up move to 2506 in the last 5 minutes of trading
on Dec.31,2018 solidified this pattern to 2509 SPX Resistance.
This break below Trend Line Support at 2487 on the OPEN on 1/2/19
will establish a "Island " Price Area on the 15 minute chart ( as shown)
above 2500, as a LEFT BEHIND in 2018.
The degree of difficulty in interpreting this bearish technical event
on the last trading day close of 2018, and subsequent New Year's holiday,
will immediately put investors and traders back on the real defensive to start the new year.
Technical analysis is often most difficult to interpret
when perceived bullish breakout moves fail,and fail spectacularly,
as this one has the makings of doing.
One must immediately change gears and recognize the bearishness of the technical event at hand,
to take full advantage of the downside potential, of this surprisingly BEARISH Island Reversal Top.
SPX Last 2506.85 12/31/18
THE_UNWIND
1/2/19 900 AM
NEW YORK
with an "Island Top" Reversal Break of the Rising Wedge Pattern,
as shown here on the 15 minute chart.
A 15 point up move to 2506 in the last 5 minutes of trading
on Dec.31,2018 solidified this pattern to 2509 SPX Resistance.
This break below Trend Line Support at 2487 on the OPEN on 1/2/19
will establish a "Island " Price Area on the 15 minute chart ( as shown)
above 2500, as a LEFT BEHIND in 2018.
The degree of difficulty in interpreting this bearish technical event
on the last trading day close of 2018, and subsequent New Year's holiday,
will immediately put investors and traders back on the real defensive to start the new year.
Technical analysis is often most difficult to interpret
when perceived bullish breakout moves fail,and fail spectacularly,
as this one has the makings of doing.
One must immediately change gears and recognize the bearishness of the technical event at hand,
to take full advantage of the downside potential, of this surprisingly BEARISH Island Reversal Top.
SPX Last 2506.85 12/31/18
THE_UNWIND
1/2/19 900 AM
NEW YORK
......on either side of the trade today
Bullish Pattern from 12/31/18
Breaks Down on the Open on 1/2/19
yet recaptures support and then moves
to a potential breakout to the upside, in the afternoon.
Everything is the mirror opposite of what it seems today
What appears to be right... is wrong, and visa versa.
Best Position today is to have been afar,
away from this market, and just been long I guess.
There are still some people who do that type of thing.
Today they have been rewarded, for their beliefs,
but things can change before the close..
I am using 2521.25 as a SHORT STOP, for the rest of the day.
SPX Last 2514.09
THE_UNWIND
1/2/19 145pm
NEW YORK