Short target: "2002" points
Stop loss: "2122" points
2nd short target: "1940" points
3rd short target: "1810"-"1860" points (from my worst case scenario, see link below)
"Buybacks: Why Brexit came at a bad time for banks"
Worst case scenario:
So far the bears are still in control. The S&P 500 on Thursday went up to 21091, but hit resistance there and then fell back to 2097 right now at 11:50am ET time.
But I start to get concerned that I was wrong. The majority of Tradingview user charts was bearish yesterday. And usually when I get a lot of upvotes very quick after posting a new chart my trading idea mostly fails to work out. The bounce on Wednesday took place from the daily 50 EMA and the bounce was so strong that many of my indicators which were bearish started to move back in the bull zone. Fundamentals are also getting better. ISM PMI Non-Manufacturing is going up, which is bullish. And US Weekly Initial Jobless Claims has fallen 16k. Which means economic data supports growth in the US.
So the chance that bulls win is starting to increase, while the chance that bears win is starting to decrease.
I just thought the Brexit sentiment which was in my view still out there and just waiting to drag the market down again would be stronger than my own not seen here indicator calculation (which was a bit messed up due to the high volatility), but I was wrong about that. Emotion lost. Math won.
"The majority of Tradingview user charts was bearish yesterday. And usually when I get a lot of upvotes very quick after posting a new chart my trading idea mostly fails to work out. "
Now I have one more proof that my observation of the Tradingview behavior is correct.