The Double Bottom Low at S+P 2825 today,
appears to have successfully retested the important support low at 2822,
that I wrote to you about last time, and thus opens the possibility of a rally back up towards 2900.
With the VIX above 20, volatility is such that retest moves
that might take days, are being accomplished instead in hours, and minutes.
Things are moving very quickly, so reaction time is being abbreviated into seconds
during the trading day, which makes it all the more important to act, and react decisively
which in this environment is not an easy thing to do, to say the least.
Continue to focus on contrary opinion here, as bearish sentiment is becoming clearly persuasive.
and with that the potential exists for a sharp price spike rally at any time.
Put/Call Ratio peaked today below 1,40, so bears looking for additional downside price action,were clearly denied.
I think a short term bottom was put in today,
exactly where it should have occurred on the chart.
Use that as a guiding point, as a rally out of this area
if it converts enough shorts,
could be significant.
SPX Last 2847.59
THE_UNWIND
8/15/19
NEW YORK
appears to have successfully retested the important support low at 2822,
that I wrote to you about last time, and thus opens the possibility of a rally back up towards 2900.
With the VIX above 20, volatility is such that retest moves
that might take days, are being accomplished instead in hours, and minutes.
Things are moving very quickly, so reaction time is being abbreviated into seconds
during the trading day, which makes it all the more important to act, and react decisively
which in this environment is not an easy thing to do, to say the least.
Continue to focus on contrary opinion here, as bearish sentiment is becoming clearly persuasive.
and with that the potential exists for a sharp price spike rally at any time.
Put/Call Ratio peaked today below 1,40, so bears looking for additional downside price action,were clearly denied.
I think a short term bottom was put in today,
exactly where it should have occurred on the chart.
Use that as a guiding point, as a rally out of this area
if it converts enough shorts,
could be significant.
SPX Last 2847.59
THE_UNWIND
8/15/19
NEW YORK