📌 A timely update to the S&P weekly chart, where we can see clearly sellers are provoking the breakdown into some sort of waterfall.
All Global Equity charts look very similar with the traditional struggle between the defending fast money crowd and the more MT and LT sharks who are aware that the momentum is stalling and are itching to load at cheaper levels.
What is becoming clearer by the day is that Fed has blown a bubble which is exposed to a second round of lockdowns and a contested election will prevent any from hanging on. Here sharp speculators will have to bite the bullet and hold shorts while looking to reload full positions at the highs. Tracking closely 3,000 and 2,900 as the next areas of interest.
Thanks as usual for keeping the feedback coming 👍 or 👎
Here is something interesting for you. The VXX barely budge between Friday close and today's open. Same kind of thing we saw right before the drop at the beginning of Sept.
HAHA you just described me over the past week. Holding some shorts and waiting for what I think will be better entry points on some things I really want go long with. Been very tempting to buy some of these dips, but I think the market is coming into a 6 month slide.
val_ant
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The trick with any bubble is to let it deflate slowly.
lu1977hk
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Any update on this?
ridethepig
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@lu1977hk, nothing to update as long as the highs are still holding. Watch-out for the last week in October, high chances of another crash going into the elections.
Here is something interesting for you. The VXX barely budge between Friday close and today's open. Same kind of thing we saw right before the drop at the beginning of Sept.