On today's close, the uptrend that began in April is now over based on the intermediate term EMA cross. There are several factors which I would conclude are ripe for a major decline in the S&P 500 of which include:
- Upcoming election in the US - Global economy mired in recession/depression - Massive overvaluation - Poor internals - A few select stocks (FANG) leading the capitalization weightings - Overall bearish seasonality
We will be taking short -5x ES contracts (-1x SP CME) on Sunday evening. Target is 2000 on the SPX with a slight possibility of a major reset down to 1550-1650 range if the panic is strong enough. VIX 100+ is possible during this timeframe. Buckle up and get ready. USD cash will be the strongest asset. All else (gold, bitcoin, commodities, etc.) are going to get hit BADLY...
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Opened short from 3358.25 averaged in price. Should ES gather upside momentum over 3400, then we will cover and re-evaluate..
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Covering @ 3298.25 for a small profit. Bears just don't seem to have the pressure/force to push prices down at the moment. Possibly due to intervention from the higher powers..