Technically speaking, yesterday S&P500 closed with a shooting star candlestick pattern on daily chart, which was a warning signal for bulls...
...today the market continues going higher and it might produce better price to short the equity market.
The COVID-19 pandemic is still out there killing people and lot's of industries (e.g. airlines, hotels or cruise lines, etc.) are not working properly...
...companies cut dividends, while people loose their jobs (more than 6,6 million initial jobless claims in US came out last week).
If you ask me, whether I think the price formed on 23rd of March this year (around 2200) is the bottom for the equity market, my answer would be: definitely not.
What's happening now, seems to me more like "FOMO correction" move, rather than "V" shape economic recovery.
Hopefully I am wrong, but in one thing I am pretty sure: "building - is not breaking"...
...so joining bears from around 2780-2800 price zone seems logical for me.
Keep in mind, that it's important to follow predefined goal and rules when trading.
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im hold a bunch of PUT 236 for july 17th, any prediction what is the pull back point , and any time soon? It seems like no one is scared of anything right now and market keeps going up! I've read some research that the point would be some where 2939... please response to me, thanks
GIgor_021
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@thienus20, unfortunately i can't tell the future, but you must have had a reason to buy those puts.
jpreal1
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This thing is getting pumped. Its going to break through 2800 and hit 2950. I'm shorting then.
@Shohorab, who knows bro... I did, my sell order was at 2790, but i am not saying the price can't go higher, so don't forget to calculate the position size :)