S&P500 - Discussion

We have had a sell-off in equities last week. There is a lot of downward pressure on things, virus scares etc.

Saying that, the S&P has sold off to a pivotal area:

- Price is hitting a 4 hour 200 EMA (as
this index is so heavily scalped, a 4
hour
chart matters.
- Price on a 2nd support pivot.
- Price is now resting up against a steep
upward trendline.
- I am currently waiting for confirmation
or for price to retrace to about the 50%
Fib level where I will enter a short and
toss my stop above the recent
resistance.

Just a chat on this one.

Comment:

If I "had" to place a trade, I would be trading what looks like a flag to the downside. but there are alot of buyers out there so we will see (currently not in this trade)

Trade active:

I took this short of the S&P at that 50% Fib level, it is now back to the trendline. My bias it for the price action to break downward...but there seems to be a lot of life left in these equities. #Tesla
I am undecided what to do about my profitable position at this point. I'll make a choice after a few more candles close hopefully giving me a little more direction. I have tightened my stop, still would be a loss if price fully reversed and stopped me out, but it would be a reduced loss on a risk controlled trade.

Trade closed: target reached:

Ok, so we have broken the trendline to the downside. I had my TP at the support pivot 2 which is around the support area and just past that ascending trendline. I do see more downside, but the market has been a challenge as of late, locked in a handsome trade and will be happy with that. onto the next ones. Today will be interesting indeed #TSLA

Comment:

Virus news not helping anything, unless you're short.