see my various posts referring to major resistance in the SPX 2450 to 2460 area.
Today 6/29/17 the NDX broke below very important support of the at 5633 and 5634.
Also today the SPX decisively broke below the lower of a near perfect parallel trend channel. This implies the SPX trend is now down.
The SPX count from the 6/19/17 top appears to be a series of "ones" and "two" down- a very .
There are two Fibonacci resistance points at exactly 2428.30 and just above this is prior chart support.
If the SPX can reach this on 6/30/17 or 7/3/17 it would be a gift for the bears!
Long US holiday week end begins 6/30/17. I suspect most big traders will be on vacation 6/30/17 - 7/4/17,
because of this there probably won't be big moves up or down until 7/5/17.
Get short if SPX reaches the resistance target zone.
Down side target zone is
2320-2330. Time target 7/19/17 - 7/23/17.
or at the very least see things that others simply DO NOT..................................................
With the 6/30 morning open and morning high at the resistance zone at 2428-2431,
1 minute MACD gave a sell signal, and it was a very quick 8 point S+P decline to 2423 !
I trade the $NDX and a short at NDX 5681 using the same criteria,
A short trade on NDX just gained 40, I repeat 40 points to the DOWNSIDE
5680 to 5640, like a knife going thru hot butter.
Another REMARKABLE Call by Mr. Rivest. BRILLIANT.
Thanks again for the compliment.
Thanks for the comment.
Thanks for the info about the Fed Minutes.
1. You mention this is a major top. Your timing for the drop is withing the next 3 weeks. so after the drop, we are likely to put another high in August? the reason im asking is that i also trade vertical spreads (options) and need wondering if i hsould use august expiration as well.
2. I was stopped out of my RUT short positions, will try again tomorrow. to be clear, you thing we topped there as well. correct?
My studies of the SPX tops in 2007, 2010, 2011, and 2015 showed that in three of those four years the topping process took two months to complete.
About one month of decline followed by a one month rally to a lower top.
This lower top was followed by declines to new lows.
Use the SPX resistance zone in this post as a guide to trading RUT.