SPX: Possible Double Top and Feb GapFill by July

TVC:SPX   S&P 500 Index
Chart says all. Formed bull flag past four sessions; looking back at last instance when lower TL was tested 14-18 May, the gap up from there resulted in a 5-day bull flag grinding down to 0.382 Fibo; Monday 22 Jun will be day 5 in this flag.

Channel gaps all filled Friday. Pattern looks just like late May again, bounce off lower TL and bull flag grind for a week.

Monday will either bounce after follow-thru selling, or just gap up and go to make double top IMO ; every rally in 2 years has ended in a double top .

This isn't investing advice; trade at your own risk; GLTA!
Comment: Watching this, no longs atm need clear direction
Comment: IDK; 3155 on 19 Jun within 16 pips of 3171 of 5 Jun; maybe close enough we got another flag rejected today 6/22. No longs; entered bear spreads.
Order cancelled: Not goin long here agree it's bearish and the trend continues until it's over, Dow Theory. Channel down; short the rallies IMO!
Comment: I bought a 10-contract bull spread on SPY just in case, fierce short-covering atm
Comment: Closed the bull spread, I wonder whether this rally is Wave 1 of a motive wave to ATH
Comment: MOMO gone wild LOL, all the action is in FAANGMs
Comment: Look; DOW +12; SPX +2-; NQ Comp +102; QQQ +$3 near ATH; all FAANGs; divergence in broader market. RUT sells.
Comment: Er, typo SPX +20


Just don’t see this now. The whole bad news is good news mantra is starting to wear very thin. The market is finally starting to take on board what’s really going on out there.
I say we are down Monday and a break through and close below 3000 is coming very shortly.
+3 Reply
lol, now that I'm leaning bearish, you're bullish. Close was just so damn weak on the S&P's end Friday that I am just gonna sit this week out til the damn market picks a direction.
+1 Reply
DaddySawbucks Perma_Pig
@Perma_Pig, I have learned the hard way not to become bear or bull, but to see what the mad bastards are doing. Pump & Dump!
Perma_Pig DaddySawbucks
@DaddySawbucks, sawbucks - have a feeling you'll be running a prop shop one day. Give me a call in a year and welcome to the pig community.
DaddySawbucks Perma_Pig
@Perma_Pig, Hmmm might be worth a look! Hadn't considered it... yet!
Perma_Pig DaddySawbucks
@DaddySawbucks, one day at a time ✊
hungry_hippo DaddySawbucks
@DaddySawbucks, lol, what have been telling you for the past 18 months? That and GM options ;)
I closed my short positions at EOD yesterday and lost another 3%. I'm wondering looking at the chart if we won't top out again tomorrow at 3136-3150 and then head back down again. Or we are indeed going back up to ATH to close the gaps before dropping back down to meet the economy at the sub 2k level.
@z3m25, It's near the Fibo at 3131; a backtest IMO, and price manipulation to enhance distribution
z3m25 DaddySawbucks
@DaddySawbucks, WWDSD What would DaddySawbucks do? Go short tomorrow at 3,150? Looking more likely after today's run....again.
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