S+P 500 Daily Chart shows a Bullish Island Reversal
playing out with today 'striking advance back above 2900.
One thing though that any trader must realize
is that what appears to be strikingly bullish day,
could turn out to be just a strikingly bearish conclusion the next.
There is always a much larger picture going on,and playing out
that maybe in direct conflict to what a trader "feels" is going on today.
In doing up my charts tonight, I was struck by a "Close Only Chart"
in this case, a simple line chart plotting the Daily Closing Price of the S+P 500 Only.
The June 20,2019 Closing Price of 2954.18
now becomes a very significant overhead target for" Resistance",
in a much larger broadening topping formation in the S+P 500
I will tell you right now that if this rally back up the chart
fails to exceed 2954.18, like gets to that level, and then stops,
then a potential short trade for the ages, could be in the making.
I just wanted to make you aware of this bigger picture bearish possibility brewing..
just in case the market decides
to eventually make fools gold, out of this reversal rally at 2854.18
Watch that number.
More later.
THE_UNWIND
8/8/19
NEW YORK
playing out with today 'striking advance back above 2900.
One thing though that any trader must realize
is that what appears to be strikingly bullish day,
could turn out to be just a strikingly bearish conclusion the next.
There is always a much larger picture going on,and playing out
that maybe in direct conflict to what a trader "feels" is going on today.
In doing up my charts tonight, I was struck by a "Close Only Chart"
in this case, a simple line chart plotting the Daily Closing Price of the S+P 500 Only.
The June 20,2019 Closing Price of 2954.18
now becomes a very significant overhead target for" Resistance",
in a much larger broadening topping formation in the S+P 500
I will tell you right now that if this rally back up the chart
fails to exceed 2954.18, like gets to that level, and then stops,
then a potential short trade for the ages, could be in the making.
I just wanted to make you aware of this bigger picture bearish possibility brewing..
just in case the market decides
to eventually make fools gold, out of this reversal rally at 2854.18
Watch that number.
More later.
THE_UNWIND
8/8/19
NEW YORK
2954.18 is the "Number."
Typo.. at the end of this post, incorrectly identifies it as 2854.18
Thank you.