Traders & Investors, SnP500 is standing at a critical level and is hanging by a thread. If this trend line is broken, there will be a danger of overall longer term wedge pattern to be broken too. 200 SMA is well below nearly 8% below the current levels. So watch out for stocks such as Google, Netflix, Facebook, Apple and Amazon for weakness in individual stocks. Or monitor FAANG stocks index. Any trigger can cause a minor correction (relatively bigger to the recent previous ones) here.
Also remember that all major legs either up or down start with a smaller leg first. So do not think that it can not go down lower than 8%. There are no high enough and low enough in markets. Remember if SnP500 has reached here, it can go down too. Remember USOIL not so long ago as an example ? :)
Rules: 1. Never trade too much 2. Never trade without a confirmation 3. Never rely on signals, do your own analysis and research too
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Take care and trade well -Vik
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Nice job