S&P 500 IndexShort
[SPX] 26th DROP Call Nailed It... Where to NEXT?
Just kidding... we still got plenty of room to fall B).
As expected a couple weeks ago based on my wedges pointing to the 26th, they all broke today and Price tanked.
8W Peak Downtrend still holdin solid.
Still lookin quite bearish on my 1W RSI with plenty of downside room.
Corona and lack of stim seem to be the catalyst as expected as well. We're not getting stim through a R senate till after they are kicked out or reelected. Coronavirus gonna keep spiking to new ATHs for the next couple weeks until half our country decides to take it seriously. That means COVID deaths will be increasing and pushing July highs in 2-4 weeks.
With today's confirm I think we get to at least 3180 before election, maybe 3000 and if Trump goes full on Dictator after losing we're probably heading to 2850 before climbing back again toward inauguration and dropping big again after as the full impact of Recession kicks in.
As expected a couple weeks ago based on my wedges pointing to the 26th, they all broke today and Price tanked.
8W Peak Downtrend still holdin solid.
Still lookin quite bearish on my 1W RSI with plenty of downside room.
Corona and lack of stim seem to be the catalyst as expected as well. We're not getting stim through a R senate till after they are kicked out or reelected. Coronavirus gonna keep spiking to new ATHs for the next couple weeks until half our country decides to take it seriously. That means COVID deaths will be increasing and pushing July highs in 2-4 weeks.
With today's confirm I think we get to at least 3180 before election, maybe 3000 and if Trump goes full on Dictator after losing we're probably heading to 2850 before climbing back again toward inauguration and dropping big again after as the full impact of Recession kicks in.
Data analyst with a passion for best fit lines B)
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