S&P500 Buy Signal

OANDA:SPX500USD   S&P 500 Index
Pattern: Channel Down on 1H.

Signal: Bullish as the price made a Triple Bottom and Lower Low on the Channel Down.

Target: 2600 (+10% rise as per the previous Lower Low).
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You're going to see your account vanish into thin air
+9 Reply
in a couple weeks the whole country will be on a lock down, why the hell would you go long? in 4-6 weeks we'll have hundreds if not thousands of deaths a day considering US basically hasn't tested at all. Anyone wanting to go long should wait till the numbers start falling and lock down is over.
+4 Reply
EddyBurnett lifeat130bpm
@lifeat130bpm, I second that indeed..
+4 Reply
z3m25 lifeat130bpm
@lifeat130bpm, I agree. I'm triple leveraged to the short. I'll go long when the number of new cases isn't growing or when we hit a 50% decline! Not before.
+1 Reply
Syrczal z3m25
@z3m25, Yeah, we're going to be lucky to get out of this with any less than 50% with the way things are going. First thing I did when I saw the first giant bounce was liquidate most of my holdings and grab long-dated puts on indices. You don't see a market make those massive rebounds anywhere but a bear market, and with the VIX above or near its 2008 high depending on whether you look at indraday or opening numbers, it's crazy to think we're going to make any major rebounds other than the bounces. For god's sake, limit downs and trading curbs are a Monday tradition right now. The current market's un-TAable at present, between investors scrambling to find a good exit (the bounces) and governments all over the world aggressively trying to limit its slide. The only safe long in this market is going to come when we're stuck going sideways with good news finally starting to come out. I'll happily lag behind the market establishing a recovery rally when I finally go long, even if I'm months behind the trend when that happens. Looking for reversals is suicide right now.
+1 Reply
Mitchy1996 lifeat130bpm
@lifeat130bpm, it's a day trade, markets don't just go straight down, they bounce off support, SPX has bounced off the 2018 low and will rally today, long term it is still bearish, but it's possible to make a quick 5 or 6% before it gets shorted.
Mitchy1996 Mitchy1996
@Mitchy1996, "Most likely" rally today**
Dude. Doing TA on an index is a huge meme.
+2 Reply
never ever dude - see you at 1600
+1 Reply
beware on going long, capitulation has NOT happened yet!
+1 Reply
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