Well as expected we might get a green monday cause no economic news, and we did start green, but it was a clear SELL on mutual fund mondays and added to my shorts at 1080 SPX. I'm going to mind you that I am still heavy net short from SPX 1125 and wont cover for now, I am very bearish the markets and think we have a lot more downside to come. The only thing right now is that stochatsics getting oversold on daily chart, but this can be here for weeks ahead... and the flood gates can be opened soon for the bears.
There is a POSSIBILITY markets will go up to touch the blue trendline , but I think the minor wave 2 is finnished monday and a likely collapse comming. We have a lot economic numbers this week which will be very interesting imo and I think we plunge to the downside. Next target is 1040-1055 area, where we could get a bounce, but then break this one again and then a move to 1020's in SPX and below neckline would come. You remember in start of August I talked about markets where about to roll over and my target was SPX under 1000 ? Not many thought this, but for now it looks like a possibility... and I still believe we will head below 1000. My personal target for SPX intermediate term is 942...
Well we will see
Have a nice day !
No comments:
Post a Comment