The S&P500 index has fired a monthly downtrend signal yet again. This could be the start of a decline to 1728.30.
Since our upside risk is so minimal, a short trade would be a good idea here. Risk a rally above 2100 to be safe, and target 1728.30. Keep in mind the sideways pattern Tim West had forecasted in his yearly forecast chart. If you haven't seen it, it's a work of art. See related ideas.
Check out my updated track record here: http://pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Since our upside risk is so minimal, a short trade would be a good idea here. Risk a rally above 2100 to be safe, and target 1728.30. Keep in mind the sideways pattern Tim West had forecasted in his yearly forecast chart. If you haven't seen it, it's a work of art. See related ideas.
Check out my updated track record here: http://pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Komen:
Anticipating a gap down open tomorrow.
Anticipating a gap down open tomorrow.
Komen:
Next step 2060, below that, it can crash to the target on chart.
Komen:
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Welcome, let's see if it pans out as forecasted, we still have to break under 2060 and accelerate down.
Balas
I wouldn't try a long yet, better wait for price action around your level.
Balas
Gap down sounds pretty good. I also see FTSE 100 falling as well. The pain from the Brexit will slowly start to show up on the charts. Just got to stay patient :)
Balas
Since we didn't break the 24th's open, I think we might still head down, but it'll be safer once below 2095.40, and specially safe as soon as price accelerates below the monthly mode at 2057.90.
Let's see how it opens, the action in metals and bonds make this rally suspicious.
Let's see how it opens, the action in metals and bonds make this rally suspicious.
Balas
Thanks for the reply! I was going to sell my Vxx position if Spx closed over 2110 today. It got close.
Balas
Probably wise to hold it, although I'd rather not trade Vix directly.
Good luck next week!
Good luck next week!
Balas
Monitor this level on close today. A close below would be a good start. 209.54 SPY