SPX: Sellers trapped here
Updated
We have a bullish signal in 
SPX ahead of FOMC. I'd assume most people are bearish on the index, since they all expect a drastic reaction to an almost dead certain rate hike by the Fed (I'm not so sure they will actually raise rates this time, or if they do, that the effect will be what people expect).
I'm long a few quality stocks, and recently entered positions in the Argentinian stock market index ETF, ARGT. I'd expect the 2nd target from the election low to be hit soon, roughly: 2528.50. The weekly trend has 2 weeks left, and has already exceeded its forecasted range target, but considering sentiment, Goldman's contrarian signal (downgraded stocks today), the VIX*SKEW signal Tim West discussed today in the KHL chatroom, and the technicals in theSPX chart, I do think we can go a lot higher still.
If not long, you may jump in here, risking 1-3 average ranges (14.46-43.38 points) under yesterday's low.
Good luck!
Ivan Labrie.
SPX ahead of FOMC. I'd assume most people are bearish on the index, since they all expect a drastic reaction to an almost dead certain rate hike by the Fed (I'm not so sure they will actually raise rates this time, or if they do, that the effect will be what people expect).I'm long a few quality stocks, and recently entered positions in the Argentinian stock market index ETF, ARGT. I'd expect the 2nd target from the election low to be hit soon, roughly: 2528.50. The weekly trend has 2 weeks left, and has already exceeded its forecasted range target, but considering sentiment, Goldman's contrarian signal (downgraded stocks today), the VIX*SKEW signal Tim West discussed today in the KHL chatroom, and the technicals in the
SPX chart, I do think we can go a lot higher still.If not long, you may jump in here, risking 1-3 average ranges (14.46-43.38 points) under yesterday's low.
Good luck!
Ivan Labrie.
Note
This is Tim's VIX*SKEW signal:s3.amazonaws.com/tradingview/snapshots/o/OoNsXaER.png
Note
Looks to be headed up.Note
Note
Sorry, made a small correction:The uptrend should last until the end of the month, which makes sense, given that by the end of the quarter there might be some profit taking.
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