S&P 500 - Could be bloody.
S&P500 parabola is violated, so a classical retracement would take it to 80% (classical charting from Peter Brandt, I recommend),
I spotted a bearish sign on the RSI (decreasing RSI, increasing price).
EMA 200 was acting as support but I m not very hopeful.
The current parabola trend and its violation look like the parabola violation in 1929.
In addition, since 1950, the S&P 500 has been down 2% or more on a Thursday and Friday only 7 times, including last week and the '87 crash.
Like it or not, this pattern looks the hell like the classical bubble pattern (Wallstreet Psychological Market), and it is exactly what happened to Bitcoin
BTC in December 2017.
Since many other markets are in the red (S&PFuture, Nasdaq, SmallCaps, Retail, Tobacco, BanksSub, Oil&Gaz, ....) it looks potentially bloody to me.
I am no expert, nor I do financial advice. Just sharing opinions here.
I spotted a bearish sign on the RSI (decreasing RSI, increasing price).
EMA 200 was acting as support but I m not very hopeful.
The current parabola trend and its violation look like the parabola violation in 1929.
In addition, since 1950, the S&P 500 has been down 2% or more on a Thursday and Friday only 7 times, including last week and the '87 crash.
Like it or not, this pattern looks the hell like the classical bubble pattern (Wallstreet Psychological Market), and it is exactly what happened to Bitcoin
BTC in December 2017. Since many other markets are in the red (S&PFuture, Nasdaq, SmallCaps, Retail, Tobacco, BanksSub, Oil&Gaz, ....) it looks potentially bloody to me.
I am no expert, nor I do financial advice. Just sharing opinions here.
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