IvanLabrie
Short

SPX500: Monthly downtrend triggered

FX:SPX500   S&P 500 index of US listed shares
The S&P500             index has fired a monthly downtrend signal yet again. This could be the start of a decline to 1728.30.
Since our upside risk is so minimal, a short trade would be a good idea here. Risk a rally above 2100 to be safe, and target 1728.30. Keep in mind the sideways pattern Tim West had forecasted in his yearly forecast chart. If you haven't seen it, it's a work of art. See related ideas.

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Ivan Labrie

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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise             directly or indirectly from use of or reliance             on such information.
Comment:
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Monitor this level on close today. A close below would be a good start. 209.54 SPY
Comment:
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Anticipating a gap down open tomorrow.
Comment: Next step 2060, below that, it can crash to the target on chart.
Comment:
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Trade closed manually
Useful analysis as always pal. Thanks
+1 Reply
Welcome, let's see if it pans out as forecasted, we still have to break under 2060 and accelerate down.
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below 2070 i would long it
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srr for two replys:

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I wouldn't try a long yet, better wait for price action around your level.
+1 Reply
Gap down sounds pretty good. I also see FTSE 100 falling as well. The pain from the Brexit will slowly start to show up on the charts. Just got to stay patient :)
+1 Reply
Hi Ivan thanks for chart. Is your downtrend call on Spx still on?
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IvanLabrie PRO Fitzndahyouwz
Since we didn't break the 24th's open, I think we might still head down, but it'll be safer once below 2095.40, and specially safe as soon as price accelerates below the monthly mode at 2057.90.
Let's see how it opens, the action in metals and bonds make this rally suspicious.
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Fitzndahyouwz IvanLabrie
Thanks for the reply! I was going to sell my Vxx position if Spx closed over 2110 today. It got close.
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IvanLabrie PRO Fitzndahyouwz
Probably wise to hold it, although I'd rather not trade Vix directly.
Good luck next week!
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