The US indices just kept on going up and up the past 2 months, like there was not stopping it. Each moment of weakness (were some bear traps on lower time frames past months), simply got pushed back up which eventually led to a continuation of the rally. Now for the first time, we dropped out of that channel and even did a successful retest. To prevent another bear trap, that thick support line needs to break tomorrow. We really need to see a good drop tomorrow, nothing slow, no hesitation, no sloping on that thick trend line. That H&S target needs to get reached in like 2 days. Need to see some real profit taking this time, otherwise i am afraid it will simply move up again, postponing a drop once again.
My long term view on the stock market, is a big bear market.
Previous analysis:
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Finally some real weakness now, dropping as i asked for, with some speed. But, we should not act surprised though if the bulls pull something off. Normally, this should become at least a bigger correction. Think we should see 2700/20 even this or next week.
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Target reached, so far no bounce so good chance we might drop some more before making a move up again. That green support around 2680/2700 might be a a target that could get reached and to take more profits (for the ones who keep some running)
I think a good amount of crypto traders moved to forex, hope you update these more offen instead of the shitty bitcoin. Btw, nice call. I follow you to short it since 2780 and close 2740 :)
botje11
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@vodanh85, Nice, happy to hear about your profit, well done :). Yes, i do hope more want to look at Forex, would make my life a bit easier as well
Good call as usual! I'm actually shorting from 2816 and really happy about that trade! I'm aiming for 2630 which is the next major support. Do you think it's a good target?
botje11
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@SwissQuant, Thank you :) very nice entry! I am long term bear, expecting big bear market. But for this wave it could happen yes, but only if the 2700ish breaks
ugh2022sucks
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@botje11, long term bear in general or just towards the SPX?
botje11
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@christiandeleon415, In general about the economy and indices