Market view

Well , a great day yesterday with a really nice reversal candlestick. I wanna point out that we are in EARNING season which should be expected at huge volatility and we have seen huge up and down days for a few days. But in all these things I have been holding my shorts since 13th july top. I called the rally in the euro since 1.19 and rally early july. I'm still short and looking for the downside just to begin now, and thats because we dont have many big earnings out soon, and when thats over investors are going to ask "Whats next?" Then we go back to the debt problems, EU etc etc.....
Well lets look at some charts, if we look at SP500 daily chart we made a so called "Dark cloud Cover" which is a BEARISH reversal candlestick and EVERYTIME we got near MA(50) on the daily we did that 4x times now, and we got a BEARISH candlestick. So as I have been saying, as long we stay UNDER the MA(50) and MA(200) I see really no big reason for buying huge in this markets. I still believe we are in a bear market and the most money will be made to the downside. Also what I have been expecting was a "Lower high" in markets and we didnt get near 1099 in SPX, but top was around 1088 which is a lower high. On the FAZ chart we started the day out with a bullish hollow red candle which is a reversal candle and at support telling me not to get out of shorts but instead add. MACD about to tick downwards and as I pointed out yesterday that these 2 days most bearish in july, then I expect another big down day today most likely as the VIX will breakout very soon. My sqwii projection target for end of july is still telling me we end near 972 in SPX, and then we could have a setup for an ugly week and maybe also start of next week. I still believe the major top was 13th july and stand by that, and I really like that just because we got a nice reversal on tuesday a lot people got so bullish, said "Wow huge earnings from them all" next day we gapped up and faded, so many suckers out there got sucked in to this and being screwed. We have lots of economic data out today and I think we will most likely react negative to those numbers and then the clearly downtrend started. But we will see, always have an open mind and IF we break 1100 with big volume I will cover my shorts, until then = stay short

Have a nice day, hope you like my blog cause I am spending a lot time doing this all for free.