Short

SPX Bearish

Updated

All signs point to a sharp downturn in the near future. The SPX could continue consolidating in the bearish wedge with small downturns until August sometime at the longest before it breaks. Once the bottom support is broken on the wedge I will be looking at the next levels in the retracement. Any ideas, both for or against, are welcomed.

Not investment advice, just my take on it.

Note

The S&P is still riding a similar wedge but pushing the bottom portion. We will see in the next few days if it will hold. If it does hold, the current pattern could extend into November at the latest. Once it breaks south of the rising support line, all bets are off. I have pulling money off the table the past few weeks in anticipation of downward momentum.

Not investment advice. Just logging what I am doing and seeing.

Note

Well ladies and gentleman, it looks like the S&P has now broken south of the bearish rising wedge. Now its time to see if there are any governments that provide significant stimulus. If nothing is done, I expect the the decrease will continue with an ultimate bottom of about 2200 on the S&P. I don't expect that it be allowed to slide that hard without some type of significant intervention, so I am in a watch and wait mode.

Not investment advice. Just logging what I am doing and seeing

jolney

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.