Short

SPY- Quick draw for a potential quick drop

Updated

Near ATH.

Earnings Catalyst (half way through) "Buy the hype sell the news"

Back test of 4 month support line

Falling back within our ascending channel & Ascending Wedge

Potential Blow off top yesterday

It is possible to selling pick up soon from here. It all depends on what kind of follow through and volume we get from here, but to me any area up here is a great short opp even if your wanting to cover in the 270's

Many other indices are breaking their 2 day structures. Watch IWM, XLF, QQQ

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Currently, we are at a 15 min support on IWM QQQ and XLF... So wait for those to break before shorting for confirmation.

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786 or full?
Declining Volume
Either move imminent

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any lower is a rejection and break

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The market has chosen

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After breaking-- Price supported, Impulsive at first, but not followed through, now backtesting the same trendline ...

Changes to a chart projected new support with corresponding resistance projected for the potential bear flag.

We are now at my second target level nearing at a full fib retrace from the last down move.

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potential / likely topping volume here -

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The large volume gives me more probable that the Red Arrow takes place. The orange is certainly possible as well, buyers are still buying ATM so keep an eye out for either scenario. I pref the first.

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Based on volume we might not make it to my target

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Near Full retrace.. Declining Volume.

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XLK tech sector may have broken. Good Signs

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On my Alternate Chart SPX500USD

We are currently backtesting the yellow POC Trendline which was a vital control area for this entire month. Many other sectors starting to break down, reaction to earnings are becoming evident. Whether they were good or bad earnings, the reaction is all that matters.

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Oh, and on declining Volume. Today price action showed us a glimpse of the potential weakness, and after open, we have simply done a retracement back into resistance. This reminds me exactly of the price action in bitcoin around End of July 18

BTC 2018 July - Similar distributive signatures at top

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Big Picture - Wait for a break of the purples

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Imagine if Price did fall down from here we look back and say " oh duh it was at a double top" it would make sense without an afterthought. It's almost so obvious that at this point in time it's doubtful to play out. These things are very tricky to call in the present, but looking back at historical charts/patterns they always seem to make sense.

Depending on risk tolerance you could wait for the first second or third support trendlines to be broken to short.

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ATH broken.. .But no impulsive move nor increasing buy volume. It has the same signatures of a bull trap once again. Dont think that by breaking ATH it automatically means we go higher ...

PipMiesterStronger

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by PipMiesterStronger

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