Well , what a GREAT week if you were short ! Huge gains on our shorts and I continue to be net short, but taken a little profits end of this week. As I see it right now I think there is a great possibility of a gap down monday and then rally. I am looking for SPX to 1056-1072 level before a possible contra trend rally to SPX 1100. The dollar been running since I got long and thats also why markets been moving down. I expect the dollar to have a short term pullback with markets going up soon. Longer term still VERY bearish and think we have a NASTY leg down to 800-1000 SPX in next months, but with small dead cat bounces.
On weekly chart we made a bearish engulfing and bullish engulfing in the VIX, so there is a lot more to come to the downside in the markets. MACD rolling over again too...
Hope you still enjoy my blog , have a nice weekend !
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