Aloha, traders.
This post is meant to discuss the market shock today in which the S&P 500 shot up 1.47%, an unexpected turn of events after such a confident downtrend. Upon further examination, however, this rebound should not have been unexpected; a dead cat bounce against resistance made sense. However, I expect the price to touch the top resistance at $2800 tomorrow morning before returning to its bearish trend. I still maintain that the index will crash to $2600, based on the support and resistance lines.
For the time being, we are holding our short position on S&P 500, probably even shorting more if the index works up to 2800 tomorrow.
Thanks for reading, leave a like if you agree!
This post is meant to discuss the market shock today in which the S&P 500 shot up 1.47%, an unexpected turn of events after such a confident downtrend. Upon further examination, however, this rebound should not have been unexpected; a dead cat bounce against resistance made sense. However, I expect the price to touch the top resistance at $2800 tomorrow morning before returning to its bearish trend. I still maintain that the index will crash to $2600, based on the support and resistance lines.
For the time being, we are holding our short position on S&P 500, probably even shorting more if the index works up to 2800 tomorrow.
Thanks for reading, leave a like if you agree!