SPX / SPY - Weekly Trend - Irrelevant Jobs #'s
Jobs Report was released today showing an increase in jobs added.
To me, people working 2-3 part-time jobs is not adding employment.
Most people in this group need to work multiple jobs because of poor pay, causing inflated jobs numbers.
While the CNBC anchors say "goldie locks" for stocks, the charts show 12+ weeks of bullish trend indicating prices are overbought.
The Weekly trend on multiple charts seems to line up with Christmas week and the week after.
RSI trend is 2 weeks MAX from breaking down.
Next trend on Weekly is Bearish.
Capitulation dots show that selling has started due to overbought price in a long bullish trend.
December 2018 selloff lasted about 4 weeks - bullish trend took 1 week to reverse from same current trend level.
Based on all these factors I see the bearish trend confirmation occurring the week of 12/9 or 12/16.
I will be adding SPY puts into any strength in this area.
Markets are closed Christmas Day (Wednesday), which means people will have family the entire week visiting.
While people are with their family, this would be the perfect time for the rug to be pulled by institutions.
They steal 401K's while people eat turkey - then buy the dip caused by Stop Loss orders into January.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL, ROKU.
To me, people working 2-3 part-time jobs is not adding employment.
Most people in this group need to work multiple jobs because of poor pay, causing inflated jobs numbers.
While the CNBC anchors say "goldie locks" for stocks, the charts show 12+ weeks of bullish trend indicating prices are overbought.
The Weekly trend on multiple charts seems to line up with Christmas week and the week after.
RSI trend is 2 weeks MAX from breaking down.
Next trend on Weekly is Bearish.
Capitulation dots show that selling has started due to overbought price in a long bullish trend.
December 2018 selloff lasted about 4 weeks - bullish trend took 1 week to reverse from same current trend level.
Based on all these factors I see the bearish trend confirmation occurring the week of 12/9 or 12/16.
I will be adding SPY puts into any strength in this area.
Markets are closed Christmas Day (Wednesday), which means people will have family the entire week visiting.
While people are with their family, this would be the perfect time for the rug to be pulled by institutions.
They steal 401K's while people eat turkey - then buy the dip caused by Stop Loss orders into January.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL, ROKU.
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