TVC:SPX   S&P 500 Index
1248 views
39
When I wrote last,
I suggested that the market
might hit a "spark' this week that would ignite
a very sharp short covering rally,
leading into the 4th of July weekend.

That is precisely what happened.
The crystal ball, as it turned out, was very clear.

With the S+P 500 Closing June 30,at 3100.29,
price has now reached almost perfect resistance setup
Hard to imagine, how well that was done.

I'll leave it up to you,
how you decide to "play" the trading for the rest of the week.
Yet I still am of the opinion
that it's probably best to "stand aside"
for the balance of the trading week .

Plan instead,to return next week,invigorated by holiday spirit,
ready to do battle against the all consuming,invisible enemy.

My sincere thanks for reading, and for your unwavering support.

THE_UNWIND
6/30/20
NEW YORK

Comments

@The_Unwind Bravo, you definitely called it! It's so easy to get caught up in chasing the rally (or drop) and in the end, a great life lesson is to enjoy the little things. Enjoy the family and festive spirit of this holiday and weekend. Enjoy the...peace...that comes from simply doing nothing and ignoring the noise going on right now. We can always feast (or worry) next week. Good reminder.
+6 Reply
davidismyname farmerisland
@farmerisland, that's a beautiful thought. Thank you.
+2 Reply
The_Unwind farmerisland
@farmerisland,

Yes You understand the values of what is important in life.
May you continue to be blessed with blessed good fortune.
Thank you for your inspiration.
+2 Reply
Consolidation for the rest of the week - July 4th. Next week we start testing to the upside. First, the gap - which might take a few tries. Then the top - which might take a few tries. Of course, we can always go down too. Enjoy the 4th.
Reply
Good one again.at some point or another these high valuations, indebtment of highly leveraged companies, and too early reopening will backfire.
Reply
@guibl,

It has already started to backfire.
Look at what is going on right now in Los Angeles.
From 2000 cases a day. to 100.000 a day.in the last week.
+1 Reply
Great analysis. The market is very noisy right now, with interesting support and resistance levels. Ultimately, taking a step back I dont think this is a time to make money (on SPX) and is best enjoyed as you mention from the sidelines.
Reply
The_Unwind valentinoamoro
@valentinoamoro,

Thank you.
Reply
I thought of your post as this week has unfolded. You've definitely had a good feel for this market. I was sure we'd have some legs down. Well done.
Reply
The_Unwind stealthy1234
@stealthy1234,

. It felt like it had "unfolded" as well.
Great interpretation of what I had wrote stealthy.
Thank you,
Reply
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