It appears like the S&P500 index is rallying due to a large short squeeze after breaking the Brexit high, and the ATH so far. There was an 8h uptrend signal here, but the time is running out in 7hs and 30 minutes. I'd watch it to see how it evolves, and wether we hit the potential top target at 2209.70. I'd be inclined to fade it, if we hit this target soon. I'll update this as we move forward. For the time being, holding long positions in undervalued stocks is probably wise.
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Ivan Labrie
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Komen
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It's possible the time target expiration is taking over the secondary target, relevance wise. I think we will drop from here instead of moving higher based on today's action. You may short under tomorrow's low.
this has made new high, and still not showing reversal sign yet.
IvanLabrie
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Yes. Let's see if it hits the target I had here. It looks like it will hit that at the top. So let's wait for that to short.
NamNguyen5s
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Hi, when should we short?
Fitzndahyouwz
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Hey Ivan, following your charts, good review for me! I'm still looking for that spx pullback. Not sure how confident I am that it happens tomorrow with JPM earnings, I think will beat or at least meet estimates.... and before US markets open BOE is rumored to be taking some rate cut action.
IvanLabrie
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Yes, I expect volatility. I'm short for the time being.