This week or next week we should test that upper down trend of the descending triangle. One thing that i'm noticing is the bearish divergence in the RSI. You can also spot a divergence in the SPX at the high time frames.
This looks like a correction. We gap'd up and hit resistance at 2994. That rally couldn't get pass the 2994 resistance. If SPX breaks the the support at 2960, I can see the gap getting filled. If SPX does fills that gap and closes below 2930, this will confirm that this was all a corrective move. I want it to close below 2930 to test the deep lows around 2820 WE...
Currently shorting yet again. We could stay inside this triangle for a few weeks however the late it comes, the bigger the move it will produce. I'm expecting a big move to test the bottom of the triangle here shortly. Becareful of false break outs if it were to "break out" of the triangle upwards
When the FEDs cut rates, money will come out of Bonds and into the US Stock Market. I believe BTC will dump (or pump if they don't cut) once big investors know that they need to transfer their investments into the Stock Market because rates have been cut.
Feds will speak in a few hours.