Beware of the Market at these levels (SPY SPX)
I haven't posted in a while because since I entered a position in my SPX index fund, there hasn't been much to say. Until now.
I'm posting this chart to show my updated levels & chart analysis. I'm NOT adding to this position until we retest the (diagonal) white line,
indicating the current trend that we are in. At which point, we will either hold the trend for a breakout & retest of the high, or
fail to the previous support level (horizontal white line at $3511.80).
My green & yellow lines drawn indicate the projected path that price will most likely take, as we retest this heavy selling area that we are
now hitting.
I'm short term (next 3-5 months) bearish/short. Long term (next 1-3 years) bullish/long, after another significant drop in price. Since this is my Indexed retirement play, I don't plan to take any profits, only add to the position on price drops. May daytrade short positions into the resistance for the next few months.
I'm posting this chart to show my updated levels & chart analysis. I'm NOT adding to this position until we retest the (diagonal) white line,
indicating the current trend that we are in. At which point, we will either hold the trend for a breakout & retest of the high, or
fail to the previous support level (horizontal white line at $3511.80).
My green & yellow lines drawn indicate the projected path that price will most likely take, as we retest this heavy selling area that we are
now hitting.
I'm short term (next 3-5 months) bearish/short. Long term (next 1-3 years) bullish/long, after another significant drop in price. Since this is my Indexed retirement play, I don't plan to take any profits, only add to the position on price drops. May daytrade short positions into the resistance for the next few months.
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