SPXS – Hedge Against Downturn Turned Bullish
Price on Daily broke out of banana pattern.
cross on Daily should occur with Daily close over $12.81
Weekly trend very close to flip. When this occurs, $14 conservative price target.
10WeekMA cross around $13.50 should continue to fill gap at $15.
We are long overdue for a pullback. Coronavirus now in 4 countries. Hong Kong on lock-down.
Gold and Silver looking as well.
Next week 1/27 is going to be the biggest week of . BA, AAPL , MCD , etc.
If AAPL misses , there will be repercussions due to market cap of the company and being overpriced.
Options Strategies, Video , Instant Alerts, Specific Options Order Entry Details, Daily Updates, Equities & Crypto, Weekly Breakdowns, Charting Service, & More in Members Area!
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 and on https://www.moneypatterns.com
SPX first support around 3250; sharper correction might carry to 3100ish. I don't expect more than ~5-6%, if it forms an ABC correction first A leg might be only 2-3% IMO.
NB: Last week parabolic typical of short squeeze with forced covering on margin calls. Short interest is much less after the buy to cover moves; drop will be sharp without shorts left to cover IMO.
A small covering rally on Friday PM was pretty weak, suggests prices could go into a brief freefall to lower support, just a guess, always keeps us guessing!