SPX - Local Top within 1 week
Market correction is imminent. I've posted several big wins recently and now I am sitting in cash and have hedged short on SPX.
As I've mentioned in my videos as of recent, NDX made new highs and is also reaching a point of exhaustion. Individual stocks are very strong but the market is due for a larger corrective movement.
I'm expecting SPX to make a move to 4000-4100 in the coming weeks. A local top should develop within the next week and the correction should happen within about 1-2 weeks from there. We've been supported by the 21EMA (in yellow) but a move down to the 200EMA or 200SMA would make a lot of sense to me. Once we get there, a rally to 5000 would be in the cards for me going into December 2021.
You will notice I have a very bearish alternative going down to 3220, but just to clarify, I do not expect that to pan out at all.
As I've mentioned in my videos as of recent, NDX made new highs and is also reaching a point of exhaustion. Individual stocks are very strong but the market is due for a larger corrective movement.
I'm expecting SPX to make a move to 4000-4100 in the coming weeks. A local top should develop within the next week and the correction should happen within about 1-2 weeks from there. We've been supported by the 21EMA (in yellow) but a move down to the 200EMA or 200SMA would make a lot of sense to me. Once we get there, a rally to 5000 would be in the cards for me going into December 2021.
You will notice I have a very bearish alternative going down to 3220, but just to clarify, I do not expect that to pan out at all.
Trade active
Cashed in some profit on my VIX calls today. Most are expiring the end of the month, so I'm hanging on for a while longer. I also cashed in on some short term SPX Call Credit Spreads this morning.Trade closed: target reached
I never updated this idea but I cashed in on the drop on Monday - You can check my twitter account for collateral. I am looking for another major top but for now, I think we creep up some more.
CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.