SPDR S&P 500 ETF TRUSTTelah dikemas kini Scalp the fear @ 289 -> Sell the greed @ 297
After taking a look at SPY, I'm convinced we're not going to see any kind of real bounce until 288-289. Lots of TL and support converge there and the TL from the Dec /Jun bottoms will absolutely be tested. The bullish shark remains valid all the way down to those levels and the fib retraces from there line up much better w/ current levels of resistance compared to Friday's low. I think bulls will see the eventuality of a trip to 289, and save their ammo for these levels. Expect futures to keep bleeding until then.
My PT for SPY in the intermediate term is 266-ish (wave C of expanded flat as outlined in my Bloody August post). However, we'll get some massive face-ripping short covering rallies on the way down tho, and I believe the bullish shark bounce from 289-297 will be one of them. The next one will probably be from the 279-280 levels.
I expect this shark to turn into a bearish 5-0 next week and a rejection out of that .500-.618 retrace area (red box) would confirm it... but we'll cross that bridge when we get there.
My PT for SPY in the intermediate term is 266-ish (wave C of expanded flat as outlined in my Bloody August post). However, we'll get some massive face-ripping short covering rallies on the way down tho, and I believe the bullish shark bounce from 289-297 will be one of them. The next one will probably be from the 279-280 levels.
I expect this shark to turn into a bearish 5-0 next week and a rejection out of that .500-.618 retrace area (red box) would confirm it... but we'll cross that bridge when we get there.
Nota
Algos stop hunting like mad this morning... I'm scalping AMZN, FB, ADBE, VEEV, AAPL. Let's see if SPY can regain the trendline that was lost this morning. Somehow i get the feeling the sick twisted bastards in financial media are gonna run headlines like "trade war escalation raises hope for Fed rate cut" to justify a bounce this wk...
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