SPX/SPY - 4HR View - Wedge is Back - Could China Pump 2 Dump?
SPX / SPY is overextended and on a weekly basis has been bullish over 12 weeks.
This is abnormal with RSI on Weekly in the 80's.
But we keep getting these breakdowns, which lack momentum, and form back into same pattern.
Wedge which has resumed now ends on 12/12.
My SPY Puts are for 12/27.
I am going to consider getting some out into January if price falls by selling the current Puts for profit and moving farther out, possibly waiting for a bounce up for better fill.
The 10WeekMA is getting closer to price. When price crosses this moving average, this will confirm downtrend.
Until this happens, we get strung along.
10WeekMA looks unavoidable to cross price by 12/18 on Daily view (unless price goes over 3160 SPX / $316 SPY. - THIS IS WHAT WE SHOULD WATCH
Way things are looking, there is HEAVY manipulation at play here. Price goes to patterns within a penny precision.
Two Hypothesis
1 - Investors are keeping money in to avoid capital gains for 2019. So they will probably take profits in January 2020.
2 - (New Theory) - China is invested heavily in the US market (aside from Fed QE). There is nothing preventing China (communist) from making money off the fake news and FOMO, and then shorting the market when they tank the China deal. They know when it will happen, why it will happen, and they control the strings. Is it possible China is pumping and waiting to short the market after pulling out of trade deal?
I cannot thank everyone enough for the support and positive comments I receive.
Even if we do not agree, and you can make your position with sources, I can appreciate your 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, and VIXY.
Short SPY, AAPL
This is abnormal with RSI on Weekly in the 80's.
But we keep getting these breakdowns, which lack momentum, and form back into same pattern.
Wedge which has resumed now ends on 12/12.
My SPY Puts are for 12/27.
I am going to consider getting some out into January if price falls by selling the current Puts for profit and moving farther out, possibly waiting for a bounce up for better fill.
The 10WeekMA is getting closer to price. When price crosses this moving average, this will confirm downtrend.
Until this happens, we get strung along.
10WeekMA looks unavoidable to cross price by 12/18 on Daily view (unless price goes over 3160 SPX / $316 SPY. - THIS IS WHAT WE SHOULD WATCH
Way things are looking, there is HEAVY manipulation at play here. Price goes to patterns within a penny precision.
Two Hypothesis
1 - Investors are keeping money in to avoid capital gains for 2019. So they will probably take profits in January 2020.
2 - (New Theory) - China is invested heavily in the US market (aside from Fed QE). There is nothing preventing China (communist) from making money off the fake news and FOMO, and then shorting the market when they tank the China deal. They know when it will happen, why it will happen, and they control the strings. Is it possible China is pumping and waiting to short the market after pulling out of trade deal?
I cannot thank everyone enough for the support and positive comments I receive.
Even if we do not agree, and you can make your position with sources, I can appreciate your 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, and VIXY.
Short SPY, AAPL