IvanLabrie

SPX500: Watch for 2209.70...we're heading there

FX:SPX500   S&P 500 index of US listed shares
4 months ago
It appears like the S&P500             index is rallying due to a large short squeeze after breaking the Brexit high, and the ATH             so far. There was an 8h uptrend signal here, but the time is running out in 7hs and 30 minutes. I'd watch it to see how it evolves, and wether we hit the potential top target at 2209.70. I'd be inclined to fade it, if we hit this target soon.
I'll update this as we move forward. For the time being, holding long positions in undervalued stocks is probably wise.

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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.
4 months ago
Comment: It's possible the time target expiration is taking over the secondary target, relevance wise. I think we will drop from here instead of moving higher based on today's action. You may short under tomorrow's low.
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Related Ideas

Fitzndahyouwz
4 months ago
Hey Ivan, following your charts, good review for me! I'm still looking for that spx pullback. Not sure how confident I am that it happens tomorrow with JPM earnings, I think will beat or at least meet estimates.... and before US markets open BOE is rumored to be taking some rate cut action.
Reply
IvanLabrie TOP Fitzndahyouwz
4 months ago
Yes, I expect volatility. I'm short for the time being.
Reply
NamNguyen5s
4 months ago
Hi, when should we short?
Reply
Asifshami15
4 months ago
this has made new high, and still not showing reversal sign yet.
Reply
IvanLabrie TOP Asifshami15
4 months ago
Yes. Let's see if it hits the target I had here. It looks like it will hit that at the top. So let's wait for that to short.
Reply
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