Hello,Traders!
S&P500 broke out of the rising wedge
With the gap, most likely on the fears
Of the Evergrande default crisis in China
Which might spark a chain default reaction
In China and across the globe
If Beijing does not intervene
Taking of the SPY, I don't think that this is the end
Of the bullish rally, but a...
Looks like we've closed below the 50 ma and under this AVWAP. I think we start that correction we've all been waiting for. See AVWAPS below for supports all the way down to $425.
Big gap down open for the US indices is in sight. The $SPY are currently trading around 437. The next big support area is 436. See if it can reclaim Friday's low for a reversal in order to relieve some pressure. 441.02 is the level to watch for today if the bulls can regroup.
A close above this level today could indicate an end to the move down or at least a recovery this week. A close below would indicate more downside action to come.
Evergrande collapse it will drag SPY down with it + SPY break trendline already it has to be rebound as 200MA for a healthy bull run again.
Price target in the chart.
I believe this long bull run market has to finally end and it seems it may be sooner than we thought showing we have dropped 2.3% since this morning as I'm speaking Monday, September 20th at 1:21 P.M. It wouldn't be a surprise if we have a crash in the foreseeable future
Still riding the wave. Will tomorrow be the day we change direction? We wait patiently. A few people asked if I was buying the dip. Answer: No because my rules are simple I stop buying after I'm up 20%. I sell half at 100% and I don't sell the rest until the daily candle closes with a signal to change direction. Good luck traders.
The market has been long due a -5% correction this year. September, historically statistically the worst month for stocks, was the months to have it.
This down move began on the 9/3/21 jobs report. If you look on the S&P 500 futures for that date at 8:30am you'll see that spike trade to an all time high but then slammed back down. So for those blaming "China...
Its official, SPY has crossed the 55 daily EMA, and crossed a strong support trend line.
BlueWave gave a red dot sell signal on September 7 as a warning.
NOT FINANCIAL ADVICE
For people who don't know how to trade a bearish market, I would recommend setting on cash or just buy your favorite stocks slowly.
I and my team on the other hand will be focusing on...
WE MADE A BANK HERE! I AM DONE FOR THE YEAR! LET'S HAVE SOME FUN, SHALL WE.
I think the drop is not over yet, we will roll some puts and let it ride till Wednesday. 430 -428 minimum. However, book some profit.
Let the good times roll, went into cash Thursday last week and continuing to take shorts against the SPY. Will start to pyramid back into long positions because a lot of things on the shopping list are coming up fairly priced now.
SPY Fund Summary
The investment seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the S&P 500 Index. The Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the Index), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the Index.
Arca
