Market leaders show increasing risk
Other warning signals: "Apple" is usually a leader of the market and currently the stock is falling since several days. The Chinese stock market index SSE is also dropping since a couple of days. Both of these were so far leading as long as I observe them since Winter 2015.
Short entry: 2100
Stop loss: 2117
1. Target: 2000
2. Target: 1960
3. Target: 1925
Apple earnings yesterday disappointed with many saying this earnings release marks the peak of the iPhone. WTI oil rallied up to a peak of $45.15 today, but then sharply dropped lower to $43.75. In my view WTI is going to fall lower which would be bearish for oil companies and also drag the S&P 500 lower together with Apple.
The S&P 500 is following so far exactly my forecast. Moving along the bearish downtrend arrow I had drawn. Question is if the downtrend reverses next week with a dead cat bounce (as I had predicted on my chart above and also in my original idea a month ago https://www.tradingview.com/chart/SPX500/gMFGEdln-S-P-500-winning-streak-at-jeopardy-ahead-of-April-Fed-meeting/),
or if the downtrend accelerates in the next weeks - which is my older idea from 23 days ago, which you can find here:
Meanwhile I came across several interesting news articles:
Goldman Sachs loses faith in stocks, downgrades global equities to neutral from overweight over a 12-month horizon
Milton Berg: We're at the Cusp of a 30-Year Bear Market