SPX: Watching it closely with no position
I'm holding a few trades (refer to my recent posts) but not in any SPX position.
I think we can have a great buy signal soon, so I'm following VIX and the 'Time at mode', linear regression channels and speed lines signals in SPX.
This is a 2-day chart, the timeframe in control of the current downtrend.
The time and price target suggests price can drop to 2095.3 by or before November 9th.
I'll be paying close attention, because if we get a buy signal in that zone, it could be an excellent trade going into the next year.
Most people are concerned about the Fed and the elections, and technicals aren't helping, so we can see some divestment or at least everyone getting short. What we need to see is when and where the smart money decides to buy and bid up the market, absorbing all this retail supply, if they do.
If not, we have the making of a bear market in equities.
Keep close watch of this chart and the levels posted here.
Good luck!
Ivan Labrie.
I think we can have a great buy signal soon, so I'm following VIX and the 'Time at mode', linear regression channels and speed lines signals in SPX.
This is a 2-day chart, the timeframe in control of the current downtrend.
The time and price target suggests price can drop to 2095.3 by or before November 9th.
I'll be paying close attention, because if we get a buy signal in that zone, it could be an excellent trade going into the next year.
Most people are concerned about the Fed and the elections, and technicals aren't helping, so we can see some divestment or at least everyone getting short. What we need to see is when and where the smart money decides to buy and bid up the market, absorbing all this retail supply, if they do.
If not, we have the making of a bear market in equities.
Keep close watch of this chart and the levels posted here.
Good luck!
Ivan Labrie.
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