[SPX 4H] Price Trapped Under Support, TRIN to SELL Upchannel!
Updated
Wild day!
TRIN moved to almost exactly neutral but at the end of a megaphone structure while transitioning into a wide upchannel towards PANIC SELL this is very bearish.
At this point, if it flips back above 2 (assuming the structures hold, this is increasingly likely with each passing day) the market is likely toast and crash/panic selloff/programmatic selloff will ensue.
Average of entire megaphone is right on TRIN SELL line. Also very bearish here.
You know, I probably sound like a PERMABEAR on here but there's still just basically no data supporting any kind of Bull case. I've sought it out every day for weeks now to no avail.
There are a COUPLE fair Bull cases out there (that make a lot of aggressive assumptions about the market) but they look so damn weak when weighed against the reams of data supporting a market crash this month.
I'm more like a Lion... just waiting patiently for my opportunity to rush in for the KILL!
TRIN moved to almost exactly neutral but at the end of a megaphone structure while transitioning into a wide upchannel towards PANIC SELL this is very bearish.
At this point, if it flips back above 2 (assuming the structures hold, this is increasingly likely with each passing day) the market is likely toast and crash/panic selloff/programmatic selloff will ensue.
Average of entire megaphone is right on TRIN SELL line. Also very bearish here.
You know, I probably sound like a PERMABEAR on here but there's still just basically no data supporting any kind of Bull case. I've sought it out every day for weeks now to no avail.
There are a COUPLE fair Bull cases out there (that make a lot of aggressive assumptions about the market) but they look so damn weak when weighed against the reams of data supporting a market crash this month.
I'm more like a Lion... just waiting patiently for my opportunity to rush in for the KILL!
Note
They gapped it up over the ABOVE resistance line today lol.Let's see how long that holds!
Data analyst with a passion for best fit lines B)
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