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carefulRhino97368
Jul 7, 2022 5:50 PM

Down we go Short

SPDR S&P 500 ETF TRUSTArca

Description

SPY approaching key levels, a very high possibility of a sell off incoming.

Recession is almost here.

Comment

Job report came out strong today, hence the slight sell off. Strong jobs means green light on rate hikes, which means deflating SPY.

Comment

So, SPY is forming a beautiful M-shaped reversal pattern, but of course it will not be confirmed until 373 support is taken out.

Comment

I have reduced my position size by half, it looks like the market is not convinced to sell off. We'll see where we stand following the CPI report.
Comments
Shortatwill
Since everybody is drawing something similar everybody Will be wrong going back to 420
carefulRhino97368
@Shortatwill, You know what I've noticed? Every time there is this mini rally people suddenly forget they are in a bear market and calling for higher and higher targets. Hahah, and every time surprise surprise lmao red bar
Faux_Pas
Almost? I always thought stock market was a leading indicator.
carefulRhino97368
@Faux_Pas, It is yes. It is bear market right now, so the overall direction is down. Inflation sky high, rate hikes, stagflation is already here. Next step is recession.
VwapWickHunter125x
@carefulRhino97368, is there an alternative to recession?
anothernic
@VwapWickHunter125x, Hyperinflation by printing more, but Fed isn't that suicidal. Stagflation maybe, but I don't think they want to tow the Volcker line, even if that may be the result. Recession is the *most* likely result IMO.
carefulRhino97368
@VwapWickHunter125x I think recession is the best case scenario. The GDP is already negative, I just hope we won’t crash into a depression.
Erictaylor
It’s not officially called a recession. However 2007 we started a big bear market. Officially marked a recession in 2008 December 1st. 16 weeks later we bottomed and rallied like no other. However bear market was a year in before bottomed anyways. Tough to say but watching W pattern on spy. My downtrendinf resistance is 394. If we roll here it’s a lower high and fail W puch that would look bad lol
EllettV
This aged well
carefulRhino97368
@EllettV, I dont care what you think about me, but I sincerely hope you're not long.
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