#SPY $SPX500 #SP500 catching the Top, any Bears alive?
Hello My fellow Bears, so before I share my thoughts I want to just tell you that shorting the SP500 was not a good Idea.
Major Uptrend Longest Bullrun in History, Fed pumping liquidity [ with QE not QE Program ;) ], Stock Majors Buyback Excess and Trump Tweets.
And by the way the Oval Office released a note that there will be a 11 am EST an Pressmeeting - just right about the overnight time when Major Index began showing some Weakness - Coincidence or do we see a new "Stockrocket All Time high" Tweet by Trump Today?
I was able to get my Short Position on the SP500 right after the Overnight Break, with a very tight Stop Loss just to be protected against any irrational Market Move caused by some Tweet.
My Key Area was the SP500 Trading around 3330 and how it will behave around there.
So what is the Pirce doing on 4H timeframe
Targets
Target Area Explanation
If the SP500 would Pull Back from 3330 Area it would target next Support Zones and would be still in a Major Uptrend.
So if you are holding a Short or having thoughts about opening one, just be prepared to watch these key Levels.
Happy Bull-Hunting and Trade Safe.
Major Uptrend Longest Bullrun in History, Fed pumping liquidity [ with QE not QE Program ;) ], Stock Majors Buyback Excess and Trump Tweets.
And by the way the Oval Office released a note that there will be a 11 am EST an Pressmeeting - just right about the overnight time when Major Index began showing some Weakness - Coincidence or do we see a new "Stockrocket All Time high" Tweet by Trump Today?
I was able to get my Short Position on the SP500 right after the Overnight Break, with a very tight Stop Loss just to be protected against any irrational Market Move caused by some Tweet.
My Key Area was the SP500 Trading around 3330 and how it will behave around there.
So what is the Pirce doing on 4H timeframe
- Still Above 50 EMA
- Still above 200 EMA
- 4H Stochastic pointing down
- lower high on the RSI while price is making higher highs
Targets
- 50 EMA (green)(if it Holds the price this will probably move again up)
- 100 EMA (purple)
- 200 EMA (red) this is my First Major Target if this Short plays out (Probably i am going to close the half Position there, it all depends how we would or could arrive there, if we overshoot with this Pullback I would set my Stoploss into a Take Profit right Above the 200 SMA and let it run.
Target Area Explanation
If the SP500 would Pull Back from 3330 Area it would target next Support Zones and would be still in a Major Uptrend.
- 0.236 Fib Retracement vicinity
- 200 EMA and 200 SMA on the 4H Timeframe for Support
- lower Rising Trendline from the rising Channel for Support
- Market could retest the 3200 Area were we had some Volatility at the Start of January.
So if you are holding a Short or having thoughts about opening one, just be prepared to watch these key Levels.
Happy Bull-Hunting and Trade Safe.
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.