Market view

As the day moved in mkts got first a fast flush and then another SHARP move up again ,, here you see how fast those mkts are currently up and down....

Mkts however SLOWLY creeped higher into close and my target for this bounce was 1250-1260 (WE CAME some points above it,, thats how it is....)

I can handle a few points higher , however I dont wanna see SPX rally another day,, that would be VERY bad for me as I'm still in shorts..

Right now my upside tgt for this bounce reached and I can handle it to 1270 , but not above 1280...

Either way from what I see mkts made the "kiss of death" and backtested a line to the perfection,, so this means that markets could take a BIG time flush from here..

From what I see is a topping hs pattern forming with the right shoulder being in ,, after such a right shoulder mkts should see MASSIVE weakness ,, this is why I hold shorts and actually bought more shorts yesterday at the "morning pop".

Right now underwater with some shorts but can handle this as long we dont rally a lot higher.

From now on I expect a major flush to begin in mkts , not sure what will come ,, but to me looks like bad news is on the way....

Conclusion:

I think right shoulder in mkts soon in , and after this bounce which I think eneded yesterday is done,, then I think a sell off is to begin with a SPX target of 1140. So in case we begin to sell off from here , my SPX target is 1140 to the downside next week. Imho the worst has yet to come for mkts.... so careful....


Have a nice weekend everyone ! :-)