A Time For Patience Until We Have a Catalyst
This is my simple technical view for the SP500 as of 9/30/15.
-Price is approaching a shorter term bearish trendline and if it cannot break it, we may simply continue downward toward the 1840 level.
-Some may believe we have retraced and see a double bottom forming. This will lead to a break of this short term bearish trendline and the range on the chart will become more relevant.
-In case of consolidation and ranging price action, I plan on shorting this index and equities in general at the top of the range. Unless we have a dramatic fundamental change in the macroeconomic situation, shorting at around 2000 would be ideal.
Goodluck fellow traders!
-Price is approaching a shorter term bearish trendline and if it cannot break it, we may simply continue downward toward the 1840 level.
-Some may believe we have retraced and see a double bottom forming. This will lead to a break of this short term bearish trendline and the range on the chart will become more relevant.
-In case of consolidation and ranging price action, I plan on shorting this index and equities in general at the top of the range. Unless we have a dramatic fundamental change in the macroeconomic situation, shorting at around 2000 would be ideal.
Goodluck fellow traders!
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