OANDA:SPX500USD S&P 500 Index
So this is a follow up on my short idea I posted last month. So far we are still seeing the short pattern develop BUT on the longer time frames we are still and in an uptrend. There really isn't a big red flag yet in this market other than if you really pick through the internals of the market. Not to mention so many of the high flyer tech stocks are down 50 percent or more from their highs. I'm still potentially looking for a pull back into the 4300 area but I will continue to watch this closely to get a better idea as to what the market wants to do here. To be honest we have been in an observation period since the beginning of December trying figure out where everything wants to go. The index's are starting to look a little exhausted, but that doesn't mean we just fall from here. Its more of a critical time to watch and see what the smart money wants to do here. Stay safe out there. I will continue to update this idea.
Comment: We started to see overnight selling in the Asia session last night and to no surprise are still following through with that. This fractal is now in play here. Let's see if this can get some juice over the next month or so and get SPX back down to the 4300 area.
Trade closed: target reached: We got the 4300 and some. Thanks for watching!