Rarely will you see a chart pattern
like the current 4 Hour Chart Pattern in the S+P 500
What you are seeing here is an almost a complete reversal of fortune,
showing the upside breakout above 2954 to the All Time High of 3027.97 just last Friday...
and this week remarkably undoing the entire upside advance with large scale in a flash.
Make no mistake. This is a rollover chart decline that should not be taken lightly,
as it has the potential to bring price down substantially more from these levels,
should the crowd sense that
I have already watched bullish traders attempting to" buy this breakdown
thinking a bottom was already in place just this morning,
only then to be burned badly this afternoon,
as this mornings advance fell completely apart.
I advised in my last S+P Post here on tradingview.
that you should pay very close attention to the quality of any short term snap back rally,
and sure enough,once the S+P got back above 3000 today, in a sharp short covering rally,
big money pounced on the opportunity to sell out long positions above 3000/ and reverse and go short.
So now, it really looks like the market really wants to fall off a cliff.
Will it ?
Tomorrow's August jobs report may help it along, or perhaps set up another bounce.
It really doesn't matter that much,, by my read.
The technical damage in this weeks reversal of fortune selloff from historic all time highs,
is very significant, to put it mildly and looks like a large scale broad market initiation move
by big money to get out of the stock market.
Why ? Not sure...
But corrections can be underestimated by the smarter than us bull crowd,
who are probably already making lists and plans to go shopping, and to buy stock.
I wouldn't be in such a hurry to do that right now if I were you.
You might regret it later.
once the upside bounce ,when/if it comes completes.
So I would hold some of your bank at bay here.
What I mean by that
is that there is probably still more potential downside.. still to come.
When..?
Maybe Immediately.
THE_UNWIND
8/1/19
NEW YORK
like the current 4 Hour Chart Pattern in the S+P 500
What you are seeing here is an almost a complete reversal of fortune,
showing the upside breakout above 2954 to the All Time High of 3027.97 just last Friday...
and this week remarkably undoing the entire upside advance with large scale in a flash.
Make no mistake. This is a rollover chart decline that should not be taken lightly,
as it has the potential to bring price down substantially more from these levels,
should the crowd sense that
I have already watched bullish traders attempting to" buy this breakdown
thinking a bottom was already in place just this morning,
only then to be burned badly this afternoon,
as this mornings advance fell completely apart.
I advised in my last S+P Post here on tradingview.
that you should pay very close attention to the quality of any short term snap back rally,
and sure enough,once the S+P got back above 3000 today, in a sharp short covering rally,
big money pounced on the opportunity to sell out long positions above 3000/ and reverse and go short.
So now, it really looks like the market really wants to fall off a cliff.
Will it ?
Tomorrow's August jobs report may help it along, or perhaps set up another bounce.
It really doesn't matter that much,, by my read.
The technical damage in this weeks reversal of fortune selloff from historic all time highs,
is very significant, to put it mildly and looks like a large scale broad market initiation move
by big money to get out of the stock market.
Why ? Not sure...
But corrections can be underestimated by the smarter than us bull crowd,
who are probably already making lists and plans to go shopping, and to buy stock.
I wouldn't be in such a hurry to do that right now if I were you.
You might regret it later.
once the upside bounce ,when/if it comes completes.
So I would hold some of your bank at bay here.
What I mean by that
is that there is probably still more potential downside.. still to come.
When..?
Maybe Immediately.
THE_UNWIND
8/1/19
NEW YORK