If you follow us you know that we think SPX and markets in general are heading towards a generational top
And based the last months price action we think we know almost exactly when that top will complete:
NOVEMBER 2024
Prediction: It does not matter who wins the election..the market will begin to crash
MARK OUR WORDS
And based the last months price action we think we know almost exactly when that top will complete:
NOVEMBER 2024
Prediction: It does not matter who wins the election..the market will begin to crash
MARK OUR WORDS
Note
Near term support/ resistanceNote
Lets see which way this breaksNote
As expected so farNote
Price still hanging out between support and resistanceNote
NOT FINANCIAL ADVICEQuick trade we took anticipating maybe some short term weakness in SPX
SPXU 40/shares @ 24.65
Stop Loss @ 24.50
If we get stopped out and break the low of 24.43 on SPXU we plan to immediately look for an entry on SPXL
Note
And yes we will later show the actual trade in the account so you can see it Note
Ok got stopped out of the SPXU trade but like we said we immediately looked for opportunity in SPXLWe started a position in SPXL of 6 shares at 162.15 with a 3% stop loss
Lets see how this goes!
Note
Position starting to get some legsNote
Position still in placeLevels are holding and we are looking higher near term with the expectation that over the next few months we should see price finally top out
Note
After price moved higher this morning we moved the trade to a little above break even and as we all see we eventually moved lower which stopped us outWe got back in at 162.52 because we still see price as near term bullish
We are using tight stops (1% - 3%) because price is still a bit indecisive
Take profit is 10% (but price structure will ultimately dictate)
Note
Price still overall hanging out between support and resistanceNote
Got stopped out of the SPXL trade...only had a 1% stop loss so didnt lose much of anything..that pop of bearish that we were looking for intially when we bought SPXU materialized a little differently than we thought..oh wellOn to the next trade which may see us get back in SPXL
Note
Price still ping-pongingPatience......
Note
As we have been stating SPX is in the late stages of forming a major topNovember thru end of the year should see this start to roll over
Lets see
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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.
Related publications
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.