S&P Crash Part 2 (A Technical and sentimental perspective)
Price is rapidly approaching a supply zone (2808.7 - 2838.7) This is confirmed as a strong zone by the VAP indicator showing a lack of volume being traded at this particular area of interest. We may get some activity in the area drawn with the box as this is also a weak supply zone. TP set at the beyond the previous Low.(Such is typical of these zones) But instead of going for the next Demand zone ive got my eyes set on this low volume area just before it. if we manage to break target 1 due to sheer volume i anticipate target 1 becoming another supply zone to short from to target 2.
To move slightly away from the charts if you look at the cot report you can see that commercial traders are net short on the Vix Index and on the S&P500
barchart.com/futures/commitment-of-traders/technical-charts/VI*0
barchart.com/futures/commitment-of-traders/technical-charts/VI*0
Im also anticipating another sharp rise in the stlfsi index
fred.stlouisfed.org/series/STLFSI
Although this a very limited and very basic analysis of the S&P index to me at least it seems quite plausable that this could be the beginning of the next recession.
To move slightly away from the charts if you look at the cot report you can see that commercial traders are net short on the Vix Index and on the S&P500
barchart.com/futures/commitment-of-traders/technical-charts/VI*0
barchart.com/futures/commitment-of-traders/technical-charts/VI*0
Im also anticipating another sharp rise in the stlfsi index
fred.stlouisfed.org/series/STLFSI
Although this a very limited and very basic analysis of the S&P index to me at least it seems quite plausable that this could be the beginning of the next recession.
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