Sorry bears, I'm still not convinced at all.
Hello traders and investors! Ok, so SPX is struggling a lot lately, but the bulls managed to keep the prices up, above 61.8% fib retracement, but not by much – is still dangerously close. I find interesting that the last candles look so small, but that’s an illusion, caused by the huge volatility during the Covid-19 crash, with its big candles.
That’s why is always nice to look at the hourly chart:
Ok, there’s a gap and the price is trapped inside a congestion between the support zone and the pink line. The bulls are almost winning here, since they are breaking out this pink line and found support at the 21 ema (again). On the other hand, maybe is doing a Head and Shoulders here, with a very small shoulder, but I don’t know, I need more confirmation. If triggered, I’ll baptize this pattern as “Mutant H&S” – my idea, no stealing.
In any case, there’s no reason to buy SPX now, but I don’t see a reason to short either, only if you like fast trades, with a target at the black line, or the gap, but you guys already know this is not my style. And I prefer to buy VIX instead of short SPX, it fits better to my plans. So, no, I won’t short SPX, and I don’t think is interesting to do it right now.
And, since you’ve read so far, I think you found this analysis at least interesting, even if you disagree. In this case I invite to follow me to keep in touch, at some point we will agree at something and maybe we will learn with each other! Leave a comment, I always read and respond everyone.
I have my portfolio, and some of my trades I published here (three of them exactly), like the one I did on AAPL, XP INC, and LB (the last two I’m still in! Almost a month now!). Check the links below if you want to understand a little better about my trading style.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
That’s why is always nice to look at the hourly chart:
Ok, there’s a gap and the price is trapped inside a congestion between the support zone and the pink line. The bulls are almost winning here, since they are breaking out this pink line and found support at the 21 ema (again). On the other hand, maybe is doing a Head and Shoulders here, with a very small shoulder, but I don’t know, I need more confirmation. If triggered, I’ll baptize this pattern as “Mutant H&S” – my idea, no stealing.
In any case, there’s no reason to buy SPX now, but I don’t see a reason to short either, only if you like fast trades, with a target at the black line, or the gap, but you guys already know this is not my style. And I prefer to buy VIX instead of short SPX, it fits better to my plans. So, no, I won’t short SPX, and I don’t think is interesting to do it right now.
And, since you’ve read so far, I think you found this analysis at least interesting, even if you disagree. In this case I invite to follow me to keep in touch, at some point we will agree at something and maybe we will learn with each other! Leave a comment, I always read and respond everyone.
I have my portfolio, and some of my trades I published here (three of them exactly), like the one I did on AAPL, XP INC, and LB (the last two I’m still in! Almost a month now!). Check the links below if you want to understand a little better about my trading style.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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