RSI looks to be breaking down but price is NOT following.
To me, this means sideways movement or short-term bear trap.
Using recent fractal we see same RSI fakeout, sideways movement for a week or so, then breakdown.
When price starts flattening out toward multi-year WHITE resistance line, I will re-evaluate entry and post update.
I posted this chart as Neutral, but I am short biased. Just waiting for entry and being objective for others to BE CAREFUL HERE.
Market is ENTIRELY propped up by the Fed. Last $200B in QE went right to banks which put into the market instead of buying Treasuries or holding cash.
NOTE -
1- Powell is speaking today (but I do not expect any reaction).
2- We have a Fed meeting coming up in December (on chart).
3 - Next Fed meeting is already expecting no rate cut ( so unless we see a rate cut we may trade sideways or go higher).
4 - Future Fed rate cuts are already baked-in until about July of 2020 (but we saw Dec. 2018 Fed say raise rates and then take it all back / can't be trusted at word).
CME Fed Watch Tool For Rate Cuts (click to refresh at anytime for new data, updated frequently)
cmegroup.com/trading/interest-rates/countdown-to-fomc.html/
FREE Resource for those inexperienced with options
optionseducation.org/?partnerref=googleSEM&gclid=EAIaIQobChMIkOvatvjl5QIVY_7jBx0UJg_2EAAYASAAEgKUW_D_BwE&gclsrc=aw.ds
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY. Waiting to re-enter SPY short.
To me, this means sideways movement or short-term bear trap.
Using recent fractal we see same RSI fakeout, sideways movement for a week or so, then breakdown.
When price starts flattening out toward multi-year WHITE resistance line, I will re-evaluate entry and post update.
I posted this chart as Neutral, but I am short biased. Just waiting for entry and being objective for others to BE CAREFUL HERE.
Market is ENTIRELY propped up by the Fed. Last $200B in QE went right to banks which put into the market instead of buying Treasuries or holding cash.
NOTE -
1- Powell is speaking today (but I do not expect any reaction).
2- We have a Fed meeting coming up in December (on chart).
3 - Next Fed meeting is already expecting no rate cut ( so unless we see a rate cut we may trade sideways or go higher).
4 - Future Fed rate cuts are already baked-in until about July of 2020 (but we saw Dec. 2018 Fed say raise rates and then take it all back / can't be trusted at word).
CME Fed Watch Tool For Rate Cuts (click to refresh at anytime for new data, updated frequently)
cmegroup.com/trading/interest-rates/countdown-to-fomc.html/
FREE Resource for those inexperienced with options
optionseducation.org/?partnerref=googleSEM&gclid=EAIaIQobChMIkOvatvjl5QIVY_7jBx0UJg_2EAAYASAAEgKUW_D_BwE&gclsrc=aw.ds
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY. Waiting to re-enter SPY short.
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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.
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.