Looks like SPX due for change in direction
Updated
Looks like SPX due for change in direction. Indicators:
* CM_Ult_MacD_MTF
* KF [Loxx] with 4-hour timeframe on daily chart
Just waiting for Neural Networks to agree. A lot depends on Core CPI next Tuesday
* CM_Ult_MacD_MTF
* KF [Loxx] with 4-hour timeframe on daily chart
Just waiting for Neural Networks to agree. A lot depends on Core CPI next Tuesday
Trade active
It took a few days longer than expected, but on Friday 17 Feb, Neural Networks and KF gave the green light to the trade.I bought QQQS, a UK-based 3x short QQQ ETF for around $33.76. I buy the QQQ long/short trackers based on the movements of SPX. Now a few days later it seems to be going in the right direction.
On Friday there's core PCE inflation but given several hot economic factors and rising rate expectations, I see more downside than upside risk.
I'm expecting SPX to drop to around 3,900 where there is strong support, bounce and then drop again. We'll see...
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