SPX500USD looks like it could bounce in bearish pennant and tank
PT 3510
I think this is a bearish pennant here and we are reversing the bull pattern as market fundamentals come into play. We had no business being anywhere close to ATH between COVID, shutdowns and election drama. I suspect that Asian session will sell US stocks when they see new shutdown announcements and we may even wake to a gap down in the S&P.
Maybe I will lose my head shorting because according to some stocks only go up, however, the hourly shows that this sucker has a lot more left in the move according to MACD. RSI has it oversold which explains the bounce but that is to be expected after we saw three soldiers on SPY before close.
The Fibonacci is the basis for my PT. Let me know what you think.
I think this is a bearish pennant here and we are reversing the bull pattern as market fundamentals come into play. We had no business being anywhere close to ATH between COVID, shutdowns and election drama. I suspect that Asian session will sell US stocks when they see new shutdown announcements and we may even wake to a gap down in the S&P.
Maybe I will lose my head shorting because according to some stocks only go up, however, the hourly shows that this sucker has a lot more left in the move according to MACD. RSI has it oversold which explains the bounce but that is to be expected after we saw three soldiers on SPY before close.
The Fibonacci is the basis for my PT. Let me know what you think.
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Closed shorts for 50 pts and rolled position forward on Nov 19