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LagunitaLLC
Apr 23, 2020 2:48 AM

SPX (04/23/2020) - Sell-off ?? Short

S&P 500SP

Description

FA
Key vaccine researcher got fired by Trump administration.
CDC warned about the 2nd Cov-19 wave in Winter.
Trump's conflicts with the economy opening this Friday (Georgia).
Jobless claims expected to be 5 million.
Keep eyes on the Oil price.
Airlines' revenue got trimmed in Q1 ( Delta).
Another wave of lay-off will start soon (Social services, oil industry, automaker, REIT)
FED pumps (same schedule).

TA
Downward trend.
Expecting a higher volume.
Open low, close high.
Wait for a break-out downward to 2715 level to confirm the trend.

Good luck.
Comments
nevermadeapenny
Another awesome analysis! Been following you for a while and liked all your posts and your approach with FA and TA.
Got out of my DRV position Yesterday (with a couple hundred $ in profit, well, could have been thousands but got greed a little and did not sell on Tuesday) and looking for a better entry in the coming days.
I am a firm believer that the market will and should tank, it is healthy in the long run as bad companies got flushed out and room made for new ones.

Keep up with your great work!
LagunitaLLC
@nevermadeapenny thank you so much and good luck to you
Aurelie217
Thanks for the nice analysis. By "Open low, close high", do you mean that the market is likely to go up today?
LagunitaLLC
@Aurelie217 yeah. I knew it would go up to day, can’t apply regular rule here.
nevermadeapenny
@LagunitaLLC, What is your opinion by the way, the next resistance level we should be looking at? Trying to figure out my next entry point, 2900?
LagunitaLLC
Life2020
@nevermadeapenny, I assume you mean to short at 2900?
LagunitaLLC
@Life2020, tmr FED will pump 1.5 trillion
Aurelie217
@LagunitaLLC, guess we cannot fight against the money maker then....
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