30Min view shows falling wedge pattern (which is normally bullish).
This indicates price could either break down at 3095 (tip of falling wedge), OR price could rebound at 3095 to resistance at 3130.
A bounce to 3130 would be another entry point to short or buy a Put in my opinion.
All Daily indicators on SPY are still showing bearish reversal incoming.
RSI breaking trendline today down from over 74 yesterday, to 67 this morning (but still high).
Filter Dots flipping to bearish.
MACD and Fisher Transform are maxed out and flipping to bearish today (through next 2 days most likely).
I feel that in the next 2 days (by Friday) we will get a clear turn down.
By next Friday 11/29 or following Monday, it will be end of month options (and last Friday of month).
Risks to Downside:
Holidays, end of month after Thanksgiving being a Friday, China maybe no deal, Hong Kong protests and US Senate backing protesters not China, QE, corporate debt, government debt, etc.
Potential to Upside:
Only euphoria. Nothing is based on earnings, cash flow, price to book, or fundamentals.
November 20, 2019 What Markets Looked Like Just Ahead of Last Two Stock Downturns - finance.yahoo.c...-110005454.html?.tsrc=rss
"Flip to today and the S&P 500 Index is the most overbought since January 2018"
I will be updating daily on this chart until I close my position.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
This indicates price could either break down at 3095 (tip of falling wedge), OR price could rebound at 3095 to resistance at 3130.
A bounce to 3130 would be another entry point to short or buy a Put in my opinion.
All Daily indicators on SPY are still showing bearish reversal incoming.
RSI breaking trendline today down from over 74 yesterday, to 67 this morning (but still high).
Filter Dots flipping to bearish.
MACD and Fisher Transform are maxed out and flipping to bearish today (through next 2 days most likely).
I feel that in the next 2 days (by Friday) we will get a clear turn down.
By next Friday 11/29 or following Monday, it will be end of month options (and last Friday of month).
Risks to Downside:
Holidays, end of month after Thanksgiving being a Friday, China maybe no deal, Hong Kong protests and US Senate backing protesters not China, QE, corporate debt, government debt, etc.
Potential to Upside:
Only euphoria. Nothing is based on earnings, cash flow, price to book, or fundamentals.
November 20, 2019 What Markets Looked Like Just Ahead of Last Two Stock Downturns - finance.yahoo.c...-110005454.html?.tsrc=rss
"Flip to today and the S&P 500 Index is the most overbought since January 2018"
I will be updating daily on this chart until I close my position.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.