Who Is Willing To Bet SPX Goes Down To Test Trendline Bottom?
Hello fellow traders! What a trading week it has been!
Not bad for the experienced trader, not so good for the beginner and or noobie's.
From time to time I entertain myself with TV chat and just shake my head with some of the comments on there. Lol! Total entertainment mostly :)
Let's get into what is going on. I title this post as I see it. Who here is willing to put some money on the bet that SPX has intentions to test this long time trendline bottom on the weekly?
Well, I am and already did. If you have been paying attention to my previous post I warned all to close out any long positions one would have had from Sept in hopes of SPX reaching A gap close on the daily chart. Well, price kinda did close it then fell from there bringing me here today.
As I see it based on today's closing candle on the daily we go down to test 4266.5 area and if that gives way we fall to 4200. After that plays out we would take our profits off the table and wait to see if the bottom of the trendline gets broken then tested and we go from there. Until next time; Best of luck in all your trades. Trade smart, listen to your charts not the rumors that surround the market world. Peace and prosperity .
Not bad for the experienced trader, not so good for the beginner and or noobie's.
From time to time I entertain myself with TV chat and just shake my head with some of the comments on there. Lol! Total entertainment mostly :)
Let's get into what is going on. I title this post as I see it. Who here is willing to put some money on the bet that SPX has intentions to test this long time trendline bottom on the weekly?
Well, I am and already did. If you have been paying attention to my previous post I warned all to close out any long positions one would have had from Sept in hopes of SPX reaching A gap close on the daily chart. Well, price kinda did close it then fell from there bringing me here today.
As I see it based on today's closing candle on the daily we go down to test 4266.5 area and if that gives way we fall to 4200. After that plays out we would take our profits off the table and wait to see if the bottom of the trendline gets broken then tested and we go from there. Until next time; Best of luck in all your trades. Trade smart, listen to your charts not the rumors that surround the market world. Peace and prosperity .
Price needs to stay below 4200 area to convince me the bears have more downside intentions. Wait for 4200 area to act as resistance before reentering a short.
Now we wait to see if the bulls are going to have their turn at running this price up from here.