SPX is in the area where I think it may reverse although higher highs to end the day is certainly possible.
It has been a hard slog for bears and according to what I'm seeing on the put/call charts, the bets are mostly bullish. This makes sense in terms of price action but under the hood there are some issues.
There are technical reasons why I'm still bearish here, and basically that's what I talk about in the video. I know some will probably criticize this as being "too bearish" and that's fair. However, I don't think I'm imagining what I'm seeing here. The RSI has been very clear when the selloffs looked too weak and I have pointed that out when I saw it. The RSI in particular is now clearly flashing a longer term warning here, which I try to explain.
Good luck and have a great weekend!
It has been a hard slog for bears and according to what I'm seeing on the put/call charts, the bets are mostly bullish. This makes sense in terms of price action but under the hood there are some issues.
There are technical reasons why I'm still bearish here, and basically that's what I talk about in the video. I know some will probably criticize this as being "too bearish" and that's fair. However, I don't think I'm imagining what I'm seeing here. The RSI has been very clear when the selloffs looked too weak and I have pointed that out when I saw it. The RSI in particular is now clearly flashing a longer term warning here, which I try to explain.
Good luck and have a great weekend!
