regalia
Long

Oversold SP500 on the short term - Potential move up 4 stocks!

AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY hitting oversold on all time frames leading up to the 4HR. A lot of "bears" in the market. What i am seeing is a consolidation phase after hitting 40-70% gains on nearly every stock on the market. Granted this was in tandem following a -50% market decline from Q4 of 2018.

Again what must come up must come down. A lot of people are thinking a major market correction is in order...I personally think that would not happen until the election year of 2020. We still have some time to make good money before a broader pull back. Overall people are still bullish , almost to a fault.

My longer term theory is when normal markets correct CRYPTO market will RISE :) As some of you may know I have mainly built my following and trading group around crypto and have done fairly well.

Regardless! Looking forward to SPY trade next week. I am utilizing this chart to help base some of my POT Stock Movements. Again, be very cautious in this market. Falling into FOMO will inevitably result in Panic Selling. Set SL's to an affordable loss %. I normally set mine to depending on the type of stock, volatility , and the type of risk level you are taking.

Good luck to everyone and Happy Hunting
Comment:
Comment: Targets reached!

Comments

Good logic in your explanation. I'm seeing the trade different, but your position makes sense.
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regalia ZenMode
@ZenMode, where do you see the market deading? Love getting peoples thoughts and opinions. Opens ul the world to finding better solutions and hopefully a profitable trade for all
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