S&P 500 IndexShort
Situation has changed for stocks
With the recent negative changes in the fundamentals, the direction in stocks has taken a sharp turn south.
Even though FED has cut the rates, it was already priced in, and stocks didn't go to the roof.
With the perfect timing from Trump, he threatened to implement new 10% tariffs on China imports.
Current bias remains BEARISH strong and I am expecting a movement down towards the low diagonal line, which has proven to be strong.
First line of defense though will be at 78.60 Fibo in the 2906 price level zone.
Even though FED has cut the rates, it was already priced in, and stocks didn't go to the roof.
With the perfect timing from Trump, he threatened to implement new 10% tariffs on China imports.
Current bias remains BEARISH strong and I am expecting a movement down towards the low diagonal line, which has proven to be strong.
First line of defense though will be at 78.60 Fibo in the 2906 price level zone.
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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.