I told you to NOT short SPX.
Now SPX did a Bearish Engulf under a Fibonacci Retracement and it could trigger a double top. There’re a lot of bearish signs here, but as I said in my last analysis, it’s not worth short SPX. The link to my last analysis is below, in case you missed it, and I invite you to follow me to keep in touch with my trades and analysis, I do daily analyses here.
In my opinion is much more interesting buy VIX instead of short SPX, and today’s movement is a testament of my view. While SPX dropped about 2%, VIX raised almost 20% today, a much more interesting trade to do, with a fair Risk/Reward ratio. Just take a look at the VIX chart:
Much more interesting, right? Today closed above that black line, which negates the bearish pivot VIX did. Of course, there’re reason to be worried here, especially if we look at the SPX hourly chart:
It seems it did a pullback to that purple trendline (again), that’s why we need more confirmation here, and it’s because we are cautious we avoided 2 beartraps recently (again, link to these analyses below).
To summarize, SPX is in a very decisive moment right now, and we’ll see tomorrow who will win this fight, the bulls or the bears. Check my previous analyses below and remember to follow me and part of our community. Also, leave a comment! Do you agree? Disagree? You are welcome to comment your ideas.
Trade well.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
In my opinion is much more interesting buy VIX instead of short SPX, and today’s movement is a testament of my view. While SPX dropped about 2%, VIX raised almost 20% today, a much more interesting trade to do, with a fair Risk/Reward ratio. Just take a look at the VIX chart:
Much more interesting, right? Today closed above that black line, which negates the bearish pivot VIX did. Of course, there’re reason to be worried here, especially if we look at the SPX hourly chart:
It seems it did a pullback to that purple trendline (again), that’s why we need more confirmation here, and it’s because we are cautious we avoided 2 beartraps recently (again, link to these analyses below).
To summarize, SPX is in a very decisive moment right now, and we’ll see tomorrow who will win this fight, the bulls or the bears. Check my previous analyses below and remember to follow me and part of our community. Also, leave a comment! Do you agree? Disagree? You are welcome to comment your ideas.
Trade well.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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