Today I entered long position on SPY
I was waiting for 385, but 390 was in my plan as well and seeing strong push, decided to go in.
My Target is 407, but Ill be watching this level when, if we get there as my gut feeling tells me, we may break the resistance this time and go higher.
Is the bear market over??
No, but I think we'll enter another stage of bear market in early 2023 and we'll see new lows then.
I exited small short position I was holding all the way from 450.
Good luck!
I was waiting for 385, but 390 was in my plan as well and seeing strong push, decided to go in.
My Target is 407, but Ill be watching this level when, if we get there as my gut feeling tells me, we may break the resistance this time and go higher.
Is the bear market over??
No, but I think we'll enter another stage of bear market in early 2023 and we'll see new lows then.
I exited small short position I was holding all the way from 450.
Good luck!
Note
I also took position in semiconductors and very small in MJ sector.Note
I was thinking about it all this week and came to conclusion that we haven't started a "bear market" yet.All past 11 months was nothing else then correction from COVID unrealistic pump created by free money.
Once the dust settles we may see a real crush and end up way below 300.
Next wave of layoffs, closures and bad earnings report is where this will all start.
I am ready to go either way.
Note
Target reached 390-409Trade closed.
I turned short on Dec 1 with very small position.
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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.