S+P 500 has broke Important support at 2735 at the OPEN
of trading on the NYSE
unable to get past important resistance at 2740,
Triggering the move was a report
this morning that home builder confidence,
had fallen to the lowest level in 2 years
as demand was said to STALL for new homes.
The drop in home builders confidence
about their future orders is what is called
CONFIRMING BEARISH EVIDENCE.
The market has already figured that out back in early Sept.
highlighted by the decline in Home Depot's stock,
which I have recently written about on tradingview.com
S+P 500 chart clearly shows a Broadening Top.
This pattern is getting more dangerous, by the day,
with price simply unable to rally past any meaningful resistance
Bullish traders are beginning to see the handwriting on the wall,
as rallies continue to fail, at lower prices in the pattern,
and price continues to drop.
Market is getting to the point of a dangerous inflection point,
where a new downside leg could begin at any time.
Bottom Line : Do not let this market SURPRISE you to the Downside.
You have had plenty of warnings.
THE_UNWIND
11/19/18 1115 am
NEW YORK
of trading on the NYSE
unable to get past important resistance at 2740,
Triggering the move was a report
this morning that home builder confidence,
had fallen to the lowest level in 2 years
as demand was said to STALL for new homes.
The drop in home builders confidence
about their future orders is what is called
CONFIRMING BEARISH EVIDENCE.
The market has already figured that out back in early Sept.
highlighted by the decline in Home Depot's stock,
which I have recently written about on tradingview.com
S+P 500 chart clearly shows a Broadening Top.
This pattern is getting more dangerous, by the day,
with price simply unable to rally past any meaningful resistance
Bullish traders are beginning to see the handwriting on the wall,
as rallies continue to fail, at lower prices in the pattern,
and price continues to drop.
Market is getting to the point of a dangerous inflection point,
where a new downside leg could begin at any time.
Bottom Line : Do not let this market SURPRISE you to the Downside.
You have had plenty of warnings.
THE_UNWIND
11/19/18 1115 am
NEW YORK