This is simple and to the point.
S+P 500 Chart Daily Chart showed a sharp snap back move yesterday to 2940,
'which exhausted itself right at triangle pattern Resistance.
Tuning out all the loud hyperpole and drumbeat chatter
about the supposed bullish implications of another rate cut,
and how the Fed chairman might allude to that context in his remarks today in Jackson Hole,WY,
certainly a beautiful place,the market was instead blindsided completely new news of a major tit for tat escalation
in the trade war between the US and China.
Man did things get ugly from there....
However, if you were like me and just calmly initiated a sizeable short position
on the break of S+P 2865, as the chart told me to do,
and which I had written to you about previously as Important Pattern Support
then the rest of the afternoon was simply a cake walk,
I'm not kidding.
Sometimes just the facts.
As they used to say in that 1960's crime drama " Dragnet"
Well today, it was me, and hopefully,it might also have been you.
And just for the record, I actually covered my large short position on the S+P
in the final 5 minutes of trading this afternoon at 2835,
which was actually the precise low of the day,
..a short trader's mission come true.
SPX Last 2847.11
THE_UNWIND
8/23/19
NEW YORK
S+P 500 Chart Daily Chart showed a sharp snap back move yesterday to 2940,
'which exhausted itself right at triangle pattern Resistance.
Tuning out all the loud hyperpole and drumbeat chatter
about the supposed bullish implications of another rate cut,
and how the Fed chairman might allude to that context in his remarks today in Jackson Hole,WY,
certainly a beautiful place,the market was instead blindsided completely new news of a major tit for tat escalation
in the trade war between the US and China.
Man did things get ugly from there....
However, if you were like me and just calmly initiated a sizeable short position
on the break of S+P 2865, as the chart told me to do,
and which I had written to you about previously as Important Pattern Support
then the rest of the afternoon was simply a cake walk,
I'm not kidding.
Sometimes just the facts.
As they used to say in that 1960's crime drama " Dragnet"
Well today, it was me, and hopefully,it might also have been you.
And just for the record, I actually covered my large short position on the S+P
in the final 5 minutes of trading this afternoon at 2835,
which was actually the precise low of the day,
..a short trader's mission come true.
SPX Last 2847.11
THE_UNWIND
8/23/19
NEW YORK