The S&P500 index has fired a monthly downtrend signal yet again. This could be the start of a decline to 1728.30. Since our upside risk is so minimal, a short trade would be a good idea here. Risk a rally above 2100 to be safe, and target 1728.30. Keep in mind the sideways pattern Tim West had forecasted in his yearly forecast chart. If you haven't seen it, it's a work of art. See related ideas.
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Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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Monitor this level on close today. A close below would be a good start. 209.54 SPY
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Anticipating a gap down open tomorrow.
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Next step 2060, below that, it can crash to the target on chart.
Welcome, let's see if it pans out as forecasted, we still have to break under 2060 and accelerate down.
moneymaking
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Gap down sounds pretty good. I also see FTSE 100 falling as well. The pain from the Brexit will slowly start to show up on the charts. Just got to stay patient :)
moneymaking
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Nice entry level mate, all the best :)
IvanLabrie
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Thanks, let's see how it goes.
f1l1per.
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below 2070 i would long it
f1l1per.
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srr for two replys:
IvanLabrie
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I wouldn't try a long yet, better wait for price action around your level.
Fitzndahyouwz
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Hi Ivan thanks for chart. Is your downtrend call on Spx still on?
IvanLabrie
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Since we didn't break the 24th's open, I think we might still head down, but it'll be safer once below 2095.40, and specially safe as soon as price accelerates below the monthly mode at 2057.90.
Let's see how it opens, the action in metals and bonds make this rally suspicious.