Not much to say - markets did retrace from the backtest level and markets did close BELOW MA(50) on all indexes which is bearish.
IF the bulls is going to have any chances , they need to let the markets rally big over next few days 1-2% up , if not I think we will continue to move down and accelerate the move down.
I'm right now on a business trip to England London - so I wont have much time to upload new charts and so, so overall I will make some quick updates. Overall the short term trend is down and NO reason to buy it before we see strength above 1315 SPX for now... until then , watch out below as we could easy plunge down a lot more this week.
Overall the 30 min chart a bit oversold , so a minor pop tomorrow morning before another sell off ?? Who knows.... but my analysis tells me to be and STAY short and we should see a lot more weakness comming. Actually the sell off has just begun and we are about to accelerate to the downside. 1200 and below is most likely comming end of month (100 SPX points from here)
REMEMBER option expiration this week , so may get tricky and CHOPPY.......
Have a nice day
No comments:
Post a Comment