SP500 Testing Support - Possible Bounce Could Offer Short Entry
After a day of continuous selling SP500 is currently sitting above short term support level. Might get a bounce from here offering an opportunity to enter short.
Overall bias is bearish. Expecting a continued move lower in the near future.
Let's see if bulls are willing to step up and protect this level.
Identified three levels offering possible short entries. 3005, 2985, 2965.....
Stop above 3025 (ATH); 3056 (Fib Target above channel resistance)
Initial Target - Retest of 200 DMA near 2845.... A break below would expose much lower targets including channel support, 0.236 fib 2500, 2018 low 2310.
My personal opinion is that Fed, Trump, and their PPT will attempt to prevent this market crashing. It's the keystone that supports their narrative (economies good, we're in control, no need to panic) Of course at some point they will lose control.
Overall bias is bearish. Expecting a continued move lower in the near future.
Let's see if bulls are willing to step up and protect this level.
Identified three levels offering possible short entries. 3005, 2985, 2965.....
Stop above 3025 (ATH); 3056 (Fib Target above channel resistance)
Initial Target - Retest of 200 DMA near 2845.... A break below would expose much lower targets including channel support, 0.236 fib 2500, 2018 low 2310.
My personal opinion is that Fed, Trump, and their PPT will attempt to prevent this market crashing. It's the keystone that supports their narrative (economies good, we're in control, no need to panic) Of course at some point they will lose control.
