Bears/ Shorts are "Trapped "
on the S+P 500 break out above 2532, the Feb.2018 low. this week.
Price is NOT allowing for any meaningful retracement to take hold,
so any attempts to meaningfully short this weeks rally,
are being met with loss, and additional bear traps being set in it;s advance.
Then the rally continues....
The December 2018 Low in the S+P at 2346 appears to be quite significant, as I have previously noted
and the market's very strong price rally out of that critical support zone
has established a strong support zone below, not only in the S+P, but in Dow and the Nasdaq 100 as well.
Market Internals measured by the VIX, Put Call Ratio's, and Bullish Consensus $BPSPX, $BPNDX
are technically all in gear to support this strong technical snap back rally currently in progress.
Destination for this rally appears to be S+P 500 2600 Major Resistance,
and the possibility of rallying to 2640, cannot be ruled out at this point.
My own trading stance on this rally is to wait...
and to allow additional time it to unfold,to see how far price will eventually go.
It is not recommended at this point, that trader's try to short this rally right now.
My own trader's instinct's tells me of continued price advance,
by short covering bears, as fuel to support this price rally further out in time.
The rally has not yet reached its apex yet.
And Bears have not been made to cry uncle yet.
Could the rally stop at any moment ?
Yes. It could.
However, until the S+P 500 Closes back below 2532,Weekly Closing Basis,
the path of least resistance is currently up, and traders should respect that,
with their own positions.
SPX Last 2574.41
THE_UNWIND
1/8/19
NEW YORK
on the S+P 500 break out above 2532, the Feb.2018 low. this week.
Price is NOT allowing for any meaningful retracement to take hold,
so any attempts to meaningfully short this weeks rally,
are being met with loss, and additional bear traps being set in it;s advance.
Then the rally continues....
The December 2018 Low in the S+P at 2346 appears to be quite significant, as I have previously noted
and the market's very strong price rally out of that critical support zone
has established a strong support zone below, not only in the S+P, but in Dow and the Nasdaq 100 as well.
Market Internals measured by the VIX, Put Call Ratio's, and Bullish Consensus $BPSPX, $BPNDX
are technically all in gear to support this strong technical snap back rally currently in progress.
Destination for this rally appears to be S+P 500 2600 Major Resistance,
and the possibility of rallying to 2640, cannot be ruled out at this point.
My own trading stance on this rally is to wait...
and to allow additional time it to unfold,to see how far price will eventually go.
It is not recommended at this point, that trader's try to short this rally right now.
My own trader's instinct's tells me of continued price advance,
by short covering bears, as fuel to support this price rally further out in time.
The rally has not yet reached its apex yet.
And Bears have not been made to cry uncle yet.
Could the rally stop at any moment ?
Yes. It could.
However, until the S+P 500 Closes back below 2532,Weekly Closing Basis,
the path of least resistance is currently up, and traders should respect that,
with their own positions.
SPX Last 2574.41
THE_UNWIND
1/8/19
NEW YORK