claydoctor

spx500 updated chart

FX:SPX500   S&P 500 Index
0
Unless we hear Greece bad news, or Puerto Rico becomes headline news (bad), or some other thing (maybe China gets worse) possible we touch the gap (green box), but pros will NOT want to be long this market by Thursday afternoon, when US markets shut down for 3 day weekend. The brave may Bull Up this market today and tomorrow, but Thursday's employment numbers will matter, and the choice is cash out Wednesday afternoon, or stay long overnight, and see the numbers announced before the market opens Thursday. Either way markets are choppy starting Wednesday afternoon through next Monday. Consider long the vix or vxx at least as a hedge if not a straight play. Really bad things can happen over the 3 day closed market holiday. I am neutral today, holding vxx long positions , and probably through Monday at least. we may exit this triangle through the bottom angle, instead of the top, which would mean lower from there. The gap is at the significant triangle corner. If not, we may touch previous levels before continuing the rounded top formation structure, down. This steady climb has produced no meaningful gaps up or down, so filling gaps is no strategdy. So looking at previous pivot points for levels to watch for future action. Point... No gaps, but there was one recently, which predicts more volatility. watch for more vol and more gaps, which day traders love, bringing to life what was a boring couple months.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.